Q1 2025 Coca-Cola FEMSA SAB de CV Earnings Call

April 25, 2025

This conference is being recorded and put the duration of the call. Your lines will be in listen only mode. However, you have the opportunity to ask questions towards the end of the presentation and it can be done by pressing star one on your.

Ian Garcia: For more details, please refer to the disclaimer in the earnings release that was published earlier today.

Ian Garcia: And with that, let me turn the call over to our CEO, please go ahead Ian. Thank you, Jorge. Good morning, everyone. Thank you for joining us today. Let me begin by saying that despite increased uncertainty and a soft macroeconomic backdrop in key markets, I am very pleased with the capacity of our company to adapt to external headwinds and deliver results. Our teams implemented several initiatives on commercial, financial, and supply chain to rapidly adjust to the environment, ensuring we maintain on course towards our key objectives for the year. As I have mentioned in previous calls, we are fortunate to be participating in a vibrant beverage industry within a growing region, and Coca-Cola FEMSA's resilient profile becomes even more evident while navigating an environment of increased uncertainty as the one we are seeing today.

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Speaker Change: Cardio so to speak at this conference. Please go ahead Sir.

Speaker Change: Thank you George.

Speaker Change: Good morning to you all and welcome to this webcast and conference call to review, our first quarter 2025 results.

Speaker Change: Joining me this morning are Ian Craig our Chief Executive Officer.

Speaker Change: Get out of a cruise, our chief financial officer, and the rest of the Investor Relations team.

Speaker Change: As usual after the prepared remarks, we will open the call for Q&A.

Speaker Change: Before we proceed please allow me to remind all participants that this conference call may include forward looking statements and should be considered as good faith estimates made by the company.

Ian Garcia: Our resilience enables us to continue managing the business for the long term with a consistent strategy while adjusting initiatives in the short term.

Speaker Change: These forward looking statements reflect management's expectations and are based upon currently available data.

Speaker Change: The actual results are subject to future events and uncertainties that can materially impact the company's performance.

Ian Garcia: As such, the strategic playbook for 2025 remains focused on three key pillars, growing our core business, Second, taking Juntos Plus to the next level. And three, continue fostering a customer-centric and psychologically safe culture for Coca-Cola FEMSA.

Speaker Change: For more details please refer to the disclaimer in the earnings release.

Jorge: Hello and welcome to the Coca Cola FEMSA 1st quarter 2025 conference call. My name is George. I'll be a coordinator for today's event.

Speaker Change: Was published earlier today.

Speaker Change: And with that let me turn the call over to our CEO.

Please go ahead Ian.

Ian Craig: Good morning, everyone. Thank you for joining us today.

Ian Garcia: During our call today, we intend to provide you with an update on the main developments of our business, diving deeper into initiatives we are implementing to successfully navigate the current operating environment.

Speaker Change: Let me begin by saying that.

Speaker Change: <unk> increased uncertainty MSR macroeconomic backdrop E&P market.

Speaker Change: I am very pleased with the capacity of our company to adapt to the external headwinds and deliver results.

Ian Garcia: Then Jerry will guide you through our division's performance and provide updates on sustainability following the recent publication of our Integrated Annual Report.

Speaker Change: Our teams implemented several initiatives.

Speaker Change: Marshall financial and supply chain to rapidly adjust to the environment, ensuring we maintain on course towards our key objectives for the year.

Ian Garcia: With that, let me begin by summarizing our consolidated results for the first quarter. On the back of a more challenging macroeconomic backdrop, our consolidated volume declined 2.2% year-on-year to 986.5 million unit cases. This was driven mainly by declines in Mexico and Colombia, partially offset by growth in Brazil, Argentina, Uruguay, and Guatemala. On the one hand, our sparkling beverage volume declined 3.3 percent, driven mainly by contractions in Mexico and Colombia. On the other hand, still beverages grew 3.9 percent, driven by Mexico and Brazil. And bottled water grew 4.6 percent, driven by the positive performance achieved in most of our South America division.

Speaker Change: As I have mentioned in previous calls we are fortunate to be participating in a vibrant beverage industry within a growing region and Coca Cola FEMSA resilient profile becomes even more evident while navigating in an environment of increased uncertainty as the one we are seeing today.

Speaker Change: Our resilience enables us to continue managing the business for the long term with a consistent strategy, while adjusting initiatives in the short term.

Speaker Change: As such the third.

Speaker Change: <unk> playbook for 2025 remains focused on three key pillars growing our core business.

Speaker Change: Second taking one plus plus to the next level and three continue fostering a customer centric and psychologically safe culture for Coca Cola FEMSA.

Ian Garcia: Despite the low single-digit volume contraction, our revenue management initiatives and favorable currency translation effects led our total revenues for the quarter to grow 10%, reaching 70.2 billion pesos. On a currency-neutral basis, our total revenues increased 5.9%. Gross profit increased 12% to $31.8 billion pesos, leading to a margin expansion of 80 basis points to 45.4%. This increase was driven mainly by lower sweetener costs, top-line growth, and raw material-hedging emissions. These factors were partially offset by higher fixed costs such as maintenance and the depreciation of most of our operating currencies as compared with the U.S. dollar. Our operating income increased 7.3% to $9.2 billion pesos, with operating margin contracting 30 basis points to 13.2%.

During our call today, we intend to provide you with an update on the main developments of our business diving deeper into the initiatives, we're implementing to successfully navigate the current operating environment.

Speaker Change: And with that let me turn the call over to our CEO.

Speaker Change: Then Jerry will guide you through our division's performance and provide updates on sustainability. Following the recent publication of our integrated annual report.

Ian: Please go ahead Ian.

Jorge: Jorge Good morning, everyone. Thank you for joining us today.

Ian: Let me begin by saying that.

Speaker Change: <unk> increased uncertainty and soft macroeconomic backdrop in key markets I am very pleased with the capacity of our company to adapt to the external headwinds and deliver results.

Speaker Change: With that let me begin by summarizing our consolidated results for the first quarter.

Jerry: On the back of a more challenging macroeconomic backdrop, our consolidated volume declined two 2% year on year to $986 5 million unit cases.

Speaker Change: Our team implemented several initiatives.

Speaker Change: Marshall financial and supply chain to rapidly adjust to the environment, ensuring we maintain on course towards our key objectives for the year.

Jerry: This was driven mainly by declines in Mexico and Colombia.

Jerry: Actually offset by growth in Brazil, Argentina, Uruguay and Guatemala.

Speaker Change: As I have mentioned in previous calls we are fortunate to be participating in a vibrant beverage industry within a growing region and Coca Cola FEMSA resilient profile becomes even more evident while navigating an environment of increased uncertainty as the one we are seeing today.

Jerry: On the one hand, our sparkling beverage volume declined three 3% driven mainly by contractions in Mexico and Colombia.

Ian Garcia: This light operating margin contraction was driven mainly by lower operating leverage coupled with higher operating expenses such as freight, labor, depreciation, and maintenance. However, we mitigated margin pressures by implementing cost and expense controls across our operation. Adjusted EBITDA for the quarter increased 11% to reach 13.3 billion pesos and EBITDA margin expanded 20 basis points to 18.9%. Finally, our majority net income increased by 2.7% to $5.1 billion. This increase was driven by operating income growth and a decrease in our comprehensive financial results, which was partially offset by a higher effective tax rate.

Jerry: On the other hand still beverages grew three 9% driven by Mexico and Brazil.

Jerry: And bottled water grew four 6% driven by a positive performance achieved in most of our South America region.

Speaker Change: Our resilience enables us to continue managing the business for the long term with a consistent strategy, while adjusting initiatives in the short term.

Jerry: Despite a low single digit volume contraction, our revenue management initiatives and favorable currency translation effects led our total revenues for the quarter to grow 10%, reaching 72 billion based.

Speaker Change: As such the strategic playbook for 2025 remains focused on three key pillars growing our core business.

Speaker Change: Taking one close to the next level.

Speaker Change: And three continue fostering a customer centric and psychologically safe culture for Coca Cola FEMSA.

Jerry: On a currency neutral basis, our total revenues increased five 9%.

Speaker Change: During our call today, we intend to provide you with an update on the main developments of our business diving deeper into the initiatives, we're implementing to successfully navigate the current operating environment.

Jerry: Gross profit increased 12% to $31 8 billion basis, leading to a margin expansion of 80 basis points to 45, 4%.

Ian Garcia: Now, expanding on our operations highlights for the first quarter. In Mexico, our volumes declined 5.4%, cycling a high comparison base from the previous year, which grew by 6.9%. This performance was driven mainly by a deceleration in economic activity, geopolitical tensions that affected consumer sentiment, and more challenging weather. In this environment, we swiftly adjusted our tactical calendar and activated targeted promotional activities in single serve and multi-serve across both modern and traditional trade channels. Additionally, our team implemented an execution plan focused on increasing exhibitions at the point of sale.

Jerry: This increase was driven mainly by lower sweetener costs topline growth and raw material hedging initiatives.

Speaker Change: Then Jerry will guide you through our division's performance and provide updates on sustainability. Following the recent publication of our integrated annual report.

Jerry: These factors were partially offset by higher fixed costs, such as maintenance and the depreciation of most of our operating currencies as compared with the U S. Dollar.

Jerry: With that let me begin by summarizing our consolidated results for the first quarter.

Jerry: Our operating income increased seven 3% to nine 2 billion pesos with operating margin contracted 30 basis points to 13, 2%.

Jerry: On the back of a more challenging macroeconomic backdrop, our consolidated volume declined two 2% year on year to $986 5 million unit cases.

This slight operating margin contraction was driven mainly by lower operating leverage coupled with higher operating expenses, such as freight labor depreciation and maintenance. However.

Jerry: This was driven mainly by declines in Mexico, and Colombia, partially offset by growth in Brazil, Argentina, Uruguay and Guatemala.

However, we mitigated margin pressures by implementing cost and expense controls across our operations.

Jerry: On the one hand, our sparkling beverage volume declined three 3%.

Ian Garcia: These initiatives are showing encouraging results. For instance, we improved coverage by close to 8% in brand Coca-Cola and more than 12% in flavors by the end of the quarter. Our coverage of exhibition space increased from 50% to 60% with modern trade showing faster signs of recovery.

Jerry: Mainly by contractions in Mexico in Colombia on the other hand still beverages grew three 9% driven by Mexico and Brazil.

Jerry: Adjusted EBITDA for the quarter increased 11% to reach $13 3 billion pesos and EBITDA margin expanded 20 basis points to 18, 9%.

Jerry: Bottled water grew four 6% driven by the positive performance achieved in most of our South America Division.

Jerry: Finally, our majority net income increased by two 7% to $5 1 billion basis.

Jerry: Despite the low single digit volume contraction and our revenue management initiatives and favorable currency translation effects.

Ian Garcia: Regarding customer service, our capacity investment and supply chain adjustments have contributed to improve order fulfillment by 1.4 percentage points and a 2.1 percentage point increase in geo-efficiency, the metric we use to measure the accuracy of our sales list. Finally, as a result of a softer macro backdrop, our team in Mexico has identified potential savings, mainly from supply chain, procurement, and IT.

Jerry: This increase was driven by operating income growth and a decrease in our comprehensive financial results, which was partially offset by a higher effective tax rate.

Jerry: Our total revenues for the quarter to grow 10%, reaching $72 billion basis on a currency neutral basis, our total revenues increased five 9%.

Jerry: Okay.

Jerry: Now expanding on our operational highlights for the first quarter in Mexico, our volumes declined five 4% cycling a high comparison base from the previous year, which grew by six 9%. This performance was driven mainly by a deceleration in economic activity geopolitical tensions that effective.

Jerry: Gross profit increased 12% to $31 8 billion basis, leading to a margin expansion of 80 basis points to 45, 4%.

Ian Garcia: All these initiatives underscore our capabilities to recover positive momentum and deliver results despite a softer and anticipated start to 2025.

Jerry: This increase was driven mainly by lower sweetener costs topline growth and raw material hedging initiatives. These factors were partially offset by higher fixed costs, such as maintenance and the depreciation of most of our operating currencies as compared with the U S. Dollar.

Jerry: Former sentiment and more challenging weather.

Jerry: In this environment, we swiftly adjusted our tactical calendar and activate it targeted promotional activity from single serve and multi serve.

Ian Garcia: Moving on to Guatemala. Our volumes increased 1.9%, reaching 46.8 million unit cases. The deceleration in the pace of volume growth is explained by what we believe were temporary macro facts. On the one hand, inflation in the food basket remains high, affecting consumer sentiment. On the other hand, despite a 10% increase in remittances year-on-year, the uncertain environment resulted in a higher propensity to save instead of flowing through to consumption, with saving deposits increasing 24% year-on-year in Guatemala.

Both modern and traditional trade channel.

Jerry: Our operating income increased seven 3% to nine 2 billion pesos with operating margin contracted 30 basis points to 13, 2%.

Jerry: Additionally, our team implemented an execution plan focused on increasing exhibitions at the point of sale.

Jerry: Initiatives are showing encouraging results for instance, we improved <unk> by close to 8% in brand Coca Cola on more than 12% in flavors by the end of the quarter.

Jerry: This slight operating margin contraction was driven mainly by lower operating leverage coupled with higher operating expenses, such as freight labor depreciation and maintenance. However.

Jerry: Our coverage of exhibition space increased from 50% to 60% with modern trade showing faster signs of recovery.

Jerry: However, we mitigated margin pressures by implementing cost and expense controls across our operations.

Jerry: Regarding customer service, our capacity investment and supply chain adjustments have contributed to improve order fulfillment by one four percentage points and up to one percentage point increase in efficiency. The metric we use to measure the accuracy of our sales.

Jerry: Adjusted EBITDA for the quarter increased 11% to reach $13 3 billion pesos and EBITDA margin expanded 20 basis points to 18, 9%.

Ian Garcia: We are maintaining the course of our long-term plan while implementing short-term initiatives focused on recovering our positive moments. Among our portfolio initiatives, we are leveraging the successful Share a Coke campaign to continue improving our competitive position in brand Coca-Cola. Regarding our Salesforce and Route2Market, we are strengthening training while adding more than 80 additional routes. With this route increase, we expect to take our frequency from 1.32 to 1.45 average visits per week by the end of 2025. Regarding commercial enablers, we're levering Juntos Plus and Juntos Plus Premium. We have now more than 90,000 monthly active users, a 32% increase versus the previous year, with more than 50% of these users active on the app.

Jerry: Finally, our majority net income increased by two 7% to $5 1 billion pesos.

Jerry: Finally, as a result of a softer macro backdrop our team in Mexico has identified potential savings mainly from supply chain procurement and.

Jerry: This increase was driven by operating income growth and a decrease in our comprehensive financial results, which was partially offset by a higher effective tax rate.

Jerry: All of these initiatives underscore our capabilities to record positive momentum and deliver results. Despite a softer than anticipated start to 2025.

Jerry: Now.

Jerry: Moving onto what the model our volumes increased one 9%, reaching $46 8 million unit cases.

Jerry: The deceleration in the pace of volume growth.

Jerry: That affected consumer sentiment and more challenging weather.

Jerry: Lane by what we believe were temporary macro factors.

Jerry: In this environment, we swiftly adjusted our tactical calendar and activated targeted promotional activities in single serve and multi serve.

Jerry: On the one hand inflation in the food basket remained high affecting customer consumer sentiment on the other front, despite a 10% increasing remittances year on year. The uncertain environment resulted in a higher propensity to save instead of flowing through to consumption with saving deposits increasing 24%.

Ian Garcia: Finally, our team in Guatemala has also identified savings initiatives focusing on rigorous cost and expense control.

Both modern and traditional trade channel.

Ian Garcia: Now, moving on to discuss our South America division. In Brazil, a resilient consumer environment drove 2.5% volume growth year-on-year, despite facing a challenging comparison base driven by the temporary suspension of our plant in Porto Alegre and a 10.4% volume growth achieved last year. We continue focusing on growing our core business, achieving a healthy performance across categories and channels. For example, Coca-Cola Zero Sugar maintained an impressive pace, growing 65% year on year, while Powerade grew 36% and Monster grew 17.6%. Notably, our single-serve mix increased 1.9 percentage points versus a previous year reaching 26. On the digital front, Juntos Plus in Brazil added another 10,000 monthly active buyers with a 17% higher average ticket than the prior year.

Jerry: Additionally, our team implemented an execution plan focused on increasing exhibitions at the point of sale.

Jerry: Initiatives are showing encouraging results for instance, we improved coverage by close to 8% in brand Coca Cola on more than 12% in flavors by the end of the quarter.

Jerry: Year on year, and what they might have.

Jerry: We are maintaining the cost of our long term plan, while implementing short term initiatives focused on recovering our positive moment.

Jerry: Our coverage of exhibition space increased from 50% to 60% with modern trade showing faster signs of recovery.

Jerry: Among our portfolio initiatives, we're leveraging the successful share a coke campaign to continue improving our competitive position in brand Coca Cola.

Jerry: Regarding customer service, our capacity investments and supply chain adjustments have contributed to improve order fulfillment by one four percentage points and a two one percentage points increasing deal efficiency. The metric we use to measure the accuracy of our sales.

Jerry: Regarding our sales force and route to market, we are strengthening training, while adding more than 80 additional routes.

Jerry: With this increase we expect to take our frequency from $1 32 to $1 45 average visits per week by the end of 2025.

Jerry: Finally, as a result of a softer macro backdrop our team in Mexico has identified potential savings mainly from supply chain procurement and.

Jerry: Regarding commercial enablers, we're levering, Utah plus unusual flows premier we have now more than 90000 monthly active users of <unk>.

Jerry: All of these initiatives underscore our capabilities to record positive momentum and deliver results. Despite a softer than anticipated start to 2025.

Ian Garcia: Furthermore, we completed the rollout of Juntos Plus Advisor, our state-of-the-art sales force enabler. We see this tool as a game changer to the empowerment of our sales. Finally, regarding our plant in Porto Alegre, we expect to reach full production capacity next quarter, which should help improve our customer service metrics as well as our freight costs. We are also making important progress in the development of an ambitious engineering project designed to protect our plant.

Jerry: 32% increase versus the previous year with more than 50% of these users active on the app.

Jerry: Finally, our teaming what the mile aircraft also identified savings initiatives from focusing on rigorous cost and expense control.

Jerry: Now.

Jerry: Moving onto what the model our volumes increased one 9%, reaching $46 8 million unit cases, the deceleration in the pace of volume growth.

Jerry: Now moving on to discuss our South America business.

Jerry: In Brazil, a resilient consumer environment drove two 5% volume growth year on year.

Jerry: And by what we believe were temporary macro factors.

On the one time inflation in the food basket remained high affecting customer consumer sentiment on the other despite a 10% increase in remittances year on year. The uncertain environment resulted in a higher perplexity to save instead of flowing through to consumption with saving deposits increasing 24%.

Jerry: Despite facing a challenging comparison base driven by the temporary suspension of our plant in port <unk> and 10, 4% volume growth achieved last year.

Ian Garcia: This additional project is expected to be completed in March 2020.

Ian Garcia: Moving on to Colombia. In Colombia, we faced a more challenging macro and socio-political context to begin the year. Inflation remained stubborn, while consumer confidence deteriorated during the quarantine. Against this factor, our volumes for the quarter declined 8.1%. However, our commercial initiatives enabled us to improve our competitive positions in key segments such as sparkling beverages, juices, energy, and flavored water. As is the case across Coca-Cola FEMSA, our team in Colombia has identified cost and expense efficiencies that will help us navigate the current operating environment, focusing mainly on procurement and supply.

Jerry: We continue focusing on growing our core business, achieving a healthy performance across categories and channels. For example, Coca Cola zero sugar, maintaining an impressive pace growing 65% year on year, while AOI grew 336% on Monster grew 17, 6%.

Jerry: Year on year in Guatemala.

Jerry: We are maintaining the cost of our long term plan, while implementing short term initiatives focused on recovering our positive moment.

Jerry: Among our portfolio initiatives, we're leveraging the successful share a coke campaign to continue improving our competitive position in brand Coca Cola.

Jerry: Notably our single serve mix increased one nine percentage points versus the previous year, reaching 26 breath.

Jerry: On the digital front <unk> plus in Brazil, others. Another 10000 monthly active buyers with a 17% higher average ticket than the prior year.

Jerry: Regarding our sales force and route to market, we are strengthening training, while adding more than 80 additional routes with this increase we expect to take our frequency from 132 to $1 45 average visits per week by the end of 2025.

Jerry: Furthermore, we completed the rollout of <unk> plus advisor are state of the art sales force enabler, we see this tool as a game changer to the environment of our Salesforce.

Ian Garcia: Finally, in Argentina and Uruguay, our volumes increased 9.1% and 6% respectively. In Argentina, the sharp adjustments experienced last year led to a deep decline in consumer spending. However, the macroeconomic indicators have improved and remain under control, with monthly inflation below 3% and a disciplined financial surplus policy. Since the second half of 2024, we continue to see gradual sequential recovery across different sectors, including beverages, with durable and tradable goods leading the way. We anticipate that this recovery is paving the way for long-term growth in Argentina. Disposable income in the greater Buenos Aires area has improved by 15% as compared to a previous year.

Jerry: Regarding commercial enablers, we're levering <unk>, plus and <unk> plus premier we have now more than 90000 monthly active users up 32.

Jerry: Finally regarding our planting portal later, we expect to reach full production capacity next quarter, which would help improve our customer service metrics as well as our freight costs were.

Jerry: <unk> increased versus the previous year with more than 50% of these users active on the app.

Jerry: We are also making important progress in the development of an ambitious engineering project designed to protect our plan.

Jerry: Finally, our teaming what the myeloid has also identified savings initiatives from focusing on rigorous cost and expense controls.

Jerry: Additional project is expected to be completed in March 2023.

Jerry: Now moving on to discuss our South America Division in Brazil, a resilient consumer environment drove two 5% volume growth year on year, despite facing a challenging comparison base driven by the temporary suspension of our plant in port <unk> and the 10, 4% volume growth achieved.

Jerry: Okay.

Jerry: Moving on to Colombia.

Jerry: Colombia, we faced a more challenging macro and sociopolitical context to begin the year inflation remains stubbornly low consumer confidence deteriorated during the quarter.

Jerry: Against this backdrop, our volumes for the quarter declined eight 1%. However, our commercial initiatives enabled us to improve our competitive position in key segments, such as sparkling beverages juices energy and flavored water.

Ian Garcia: To continue outperforming, we maintain the same strategy that has allowed us to deliver results, providing affordability and fostering single-serve growth, grabbing cost and expense controls, and on the digital front, we're excited by the rollout of Juntos Plus version 4.0 in Argentina, which we anticipate will be an enabler for continued business.

Jerry: Last year.

Jerry: It is the case across Coca Cola FEMSA are theme in Colombia has identified cost and expense efficiencies that will help us navigate the current operating environment, focusing mainly on procurement and supply.

Jerry: Notably our single serve mix increased one nine percentage points versus the previous year, reaching 26%.

Ian Garcia: In Uruguay, we strengthened our competitive position by leveraging growth enablers. For instance, our focus on single-serve allowed us to increase our single-serve volumes by 13.4% and expand our mix by 1.5% to reach 23.5%. We're also focusing on growing in hydration, strengthening power to continue growing our position in profitable, non-carbonated beverage sales. Finally, our team in Uruguay has implemented significant initiatives to strengthen our customer-centric culture, resulting in improved customer service net. During the first quarter, our commercial and distribution service metrics improved by 1% and 1.3% respectively, as compared to the previous quarter.

Jerry: Finally in Argentina, and Uruguay, our volumes increased nine 1% and 6% respectively.

On the digital front June plus plus in Brazil other than another 10000 monthly IP buyers with a 17% higher average than the prior year.

Jerry: In Argentina, the sharp adjustment experienced last year led to a deep decline in consumer spending however, the macroeconomic indicators have improved and remain under control with monthly integration below 3% on a disciplined financial surplus.

Jerry: Furthermore, we completed the rollout of <unk> plus advisor are state of the art sales force enabler, we see this tool as a game changer to the environment of our Salesforce.

Jerry: Yeah.

Jerry: In the second half of 2024, we continue to see gradual sequential recovery across different sectors, including beverages with durable unfavorable group leading the way.

Jerry: Finally regarding our plants in Porto later, we expect to reach full production capacity next quarter, which would help improve our customer service metrics as well as our freight costs were.

Jerry: We anticipate that this recovery is paving the way for long term growth in Argentina.

Jerry: We are also making important progress in the development of an ambitious engineering project designed to protect our plan. These additional project is expected to be completed in March 2026.

Jerry: Disposable income in the <unk> area has improved by 15% of compared to previous year to continue outperforming we maintained the same strategy that has allowed us to deliver results, providing affordability and fostering single serve growth driving cost on Xbox one growth and on the digital.

Ian Garcia: As I previously mentioned, Coca-Cola FEMSA's resilience is even more evident today. We remain focused on our long-term objectives and are optimistic about our capabilities to leverage our long-term strategy while fine-tuning our plans, generating efficiencies to deliver results, and continue making Coca-Cola FEMSA an even more adaptive organization. Together with our partners at the Coca-Cola Company, we're implementing a playbook that has enabled us to successfully navigate uncertainty and emerge a stronger system, prioritizing long-term sustainable growth, collaboration, and relentless execution.

Jerry: Moving on to Colombia.

Jerry: Colombia, we faced a more challenging macro and sociopolitical context to begin the year inflation remains stubborn, while consumer confidence deteriorate at doing that Florida.

Jerry: We're excited by the rollout of June plus version four <unk>, Argentina, which we anticipate will be an enabler for continued business growth.

Jerry: Against this backdrop, our volumes for the quarter declined eight 1%. However, our commercial initiatives enabled us to improve our competitive positions in key segments, such as sparkling beverages juices energy and flavored water.

Speaker Change: In Uruguay, we strengthened our competitive position by leveraging growth enablers for instance, our focus on single serve allows us to increase our single serve volumes by 13, 4% and expand our mix by one 5% to reach 23, 5%.

Gerardo Celaya: With that, I will hand over the call to Gerardo. Thank you, Ian, and good morning to you all. Let me begin by summarizing our division's results for the first quarter. In Mexico and Central America, volumes declined 4.6% to 553.3 million unit cases, driven by volume declines in Mexico, Panama, and Costa Rica that were partially offset by growth in Guatemala and Nicaragua. Revenues increased 4.8% to 39.7 billion pesos driven mainly by our revenue management initiatives and the favorable currency translation that was driven by the depreciation of the Mexican peso. On a currency neutral basis, revenues increased 0.8%.

Speaker Change: We're also focusing on growing and hydration strengthening power to continue growing our position in profitable non carbonated beverage segment.

Jerry: Yes.

Jerry: Finally in Argentina, and Uruguay, our volumes increased nine 1% and 6% respectively.

Finally, our team in Uruguay has implemented significant initiatives to strengthen our customer centric culture, resulting in improved customer service metrics during.

Speaker Change: During the first quarter, our commercial and distribution service metrics improve by 1% and one 3% respectively.

Jerry: Policy.

Speaker Change: Back to the previous year.

Jerry: Since the second half of 2024, we continue to see gradual sequential recovery across different sectors, including beverages with durable and tradable goods, leading the way.

Speaker Change: As I previously mentioned Coca Cola FEMSA resilience is even more evident today, we remain focused on our long term objectives and are optimistic about our capabilities to leverage our long term strategy, while fine tuning our plans generating efficiencies to deliver results and continue making Coca Cola FEMSA uneven.

Jerry: We anticipate that this recovery is paving the way for long term growth in Argentina.

Gerardo Celaya: Gross profit increased 5.6% to reach 18.9 billion pesos, resulting in a gross margin of 47.6% and expansion of 30 basis points year-on-year. This margin expansion was driven mainly by our revenue management initiatives and improving sweetener costs. These effects were partially offset by unfavorable mix effects, higher fixed costs, such as maintenance, and the depreciation of most of our operating currencies as applied to our U.S. dollar denominated raw material costs. Operating income decreased 5% to 5.4 billion pesos and our operating margin contracted 140 basis points to 13.6%. This contraction was driven mainly by lower operating leverage, coupled with higher operating expenses such as maintenance, depreciation, and an operating foreign exchange loss.

Jerry: Disposable income in the <unk> area has improved by 15% as compared to.

Speaker Change: Adaptive organization.

Jerry: This year to continue outperforming we maintained the same strategy that has allowed us to deliver results, providing affordability and fostering single serve growth grabbing cost unexpressed want growth and on the digital front. We're excited by the rollout of June plus version four <unk>, Argentina, which we anticipate.

Speaker Change: Together with our partners at the Coca Cola Company, we're implementing a playbook that has enabled us to successfully navigate uncertainty.

Speaker Change: They emerged a stronger system prioritizing long term sustainable growth collaboration and relentless execution with that I will hand over the call to Jerry.

Thank you Ian and good morning to you all.

Jerry: It will be an enabler for continued business growth.

Jerry: Let me begin by summarizing our divisions results for the first quarter.

Jerry: In Uruguay, we strengthened our competitive position by leveraging growth enablers for instance, our focus on single serve allows us to increase our single serve volumes by 13, 4% and expand our mix by one 5% to reach 23, 5%.

Jerry: In Mexico, and Central America volumes declined four 6% to $553 3 million unit cases, driven by volume declines in Mexico, Panama and Costa Rica that.

Jerry: That were partially offset by growth in what the Molla and Nicaragua.

Jerry: We're also focusing on growing and hydration strengthened empowered to continue growing our position in profitable non carbonated beverage segment.

Jerry: Revenues increased four 8% for $39 7 billion peso was driven mainly by our revenue management initiatives and favorable currency translation.

Gerardo Celaya: However, these effects were partially offset by expense efficiencies coupled with the recognition of insurance claim payments in Mexico. Finally, our adjusted EBITDA in the division grew 2.1% with a 60 basis point margin contraction to 19.9%.

Jerry: Finally, our team in Uruguay has implemented significant initiatives to strengthen our customer centric culture, resulting in improved customer service metrics during the first quarter, our commercial and distribution service metrics improve by 1% and one 3% respectively.

Jerry: Driven by the depreciation of the Mexican peso.

Jerry: On a currency neutral basis revenues increased 0.8%.

Jerry: Gross profit increased five 6% to reach $18 9 billion pesos.

Gerardo Celaya: Moving on to South America. Volumes increased 1% to 433.2 million unit cases. This increase was driven by the growth achieved in Brazil, Argentina, and Uruguay.

Jerry: Impaired to the previous year.

Jerry: As I previously mentioned Coca Cola FEMSA is resilient is even more evident today, we remain focused on our long term objectives and are optimistic about our capabilities to leverage our long term strategy, while fine tuning our plans generating efficiencies to deliver results and continue making Coca Cola FEMSA uneven.

Jerry: Resulting in a gross margin of 47, 6% an expansion of 30 basis points year on year.

Jerry: This margin expansion was driven mainly by our revenue management initiatives and improving sweetener costs.

Gerardo Celaya: that was partially offset by a volume decline in Colombia. Our revenues in South America increased 17.4% to $30.5 billion, driven mainly by our revenue management initiatives, favorable mix, and favorable currency translation effects into Mexican pesos. On a currency neutral basis, total revenues in South America increased 13.2%. Gross profit in South America increased 22.8%, leading to a margin expansion of 190 basis points to 42.5%. This margin expansion was driven mainly by top-line growth, operating leverage, and the decrease in sweetener costs. These effects were partially offset by the currency depreciation for most of our operating currencies as compared to the U.S.

Jerry: These effects were partially offset by unfavorable mix effects higher fixed costs, such as maintenance and the depreciation of most of our operating currencies as applied to our U S dollar denominated raw material costs.

Jerry: Adaptive organization.

Jerry: Together with our partners at the Coca Cola Company, we're implementing a playbook that has enabled us to successfully navigate uncertainty and emerge a stronger system prioritizing long term sustainable growth collaboration and relentless execution with that I will hand over the call to Jerry.

Jerry: Operating income decreased 5% to five 4 billion pesos and our operating margin contracted 140 basis points to 13, 6%.

Jerry: This contraction was driven mainly by lower operating leverage coupled with higher operating expenses, such as maintenance depreciation and nonoperating foreign exchange loss.

Jerry: Thank you Ian and good morning to you all.

Jerry: Let me begin by summarizing our divisions results for the first quarter.

Jerry: In Mexico, and Central America volumes declined four 6% to $553.

Jerry: However, these effects were partially offset by expense efficiencies coupled with the recognition of insurance claims payments in Mexico.

Jerry: Million unit cases, driven by volume declines in Mexico, Panama, and Costa Rica that were partially offset by growth in what the Mila in Nicaragua.

Jerry: Finally, our adjusted EBITDA in the Division grew two 1% with a 60 basis point margin contraction to 19, 9%.

Gerardo Celaya: dollar. Operating income for the division increased 31.1% to $3.8 billion and operating margin expanded by 130 basis points to 12.6%. This margin expansion was driven mainly by operating leverage, coupled with cost and expense controls across our operation.

Jerry: Revenues increased four 8% for $39 7 billion peso is driven mainly by our revenue management initiatives and favorable currency translation that was driven by the depreciation of the Mexican peso.

Jerry: Moving on to South America.

Jerry: Volumes increased 1% to $433 2 million unit cases.

Jerry: On a currency neutral basis revenues increased 0.8%.

Jerry: This increase was driven by the growth achieved in Brazil, Argentina and Uruguay.

Jerry: Gross profit increased five 6% to reach $18 9 billion pesos, resulting in a gross margin of 47, 6% an expansion of 30 basis points year on year.

Jerry: That was partially offset by a volume decline in Colombia.

Gerardo Celaya: These effects were partially offset by higher fixed costs and expenses such as freight and maintenance. Finally, adjusted EBITDA in South America increased 27.3% to 5.3 billion pesos for a margin expansion of 130 basis points to reach 17.5%.

Jerry: Our revenues in South America increased 17, 4% to 35 billion pesos, driven mainly by our revenue management initiatives.

Jerry: This margin expansion was driven mainly by our revenue management initiatives and improving sweetener costs.

Jerry: <unk> mix and favorable currency translation effects into Mexican pesos on.

On a currency neutral basis total revenues in South America increased 13, 2%.

These effects were partially offset by unfavorable mix effects higher fixed costs, such as maintenance and the depreciation of most of our operating currencies as applied to our U S dollar denominated raw material costs.

Gerardo Celaya: Shifting gears to our comprehensive financial results, which recorded an expense of $1.1 billion pesos as compared to an expense of $1.2 billion pesos during the same period of the previous year. This 5.2% reduction was driven mainly by a gain in financial instruments of $135,000,000 as compared to a loss of $46,000,000 in the same period of the previous year, mainly driven by the quarterly reduction in floating interest rates. And we recorded a higher gain in hyperinflationary subsidiaries.

Jerry: Gross profit in South America increased 22, 8%, leading to a margin expansion of 190 basis points to 42, 5%.

Jerry: Operating income decreased 5% to five 4 billion pesos and our operating margin contracted 140 basis points to 13, 6%.

Jerry: This margin expansion was driven mainly by topline growth operating leverage and the decrease in sweetener costs.

Jerry: These effects were partially offset by the currency depreciation for most of our operating currencies as compared to the U S. Dollar.

Jerry: This contraction was driven mainly by lower operating leverage coupled with higher operating expenses, such as maintenance depreciation and nonoperating foreign exchange loss.

Jerry: Operating income for the Division increased 31 point.

Gerardo Celaya: However, these effects were partially offset by a foreign exchange loss of 59 million pesos as compared to a gain in the same period of the previous year, driven by the quarterly appreciation of the Brazilian Rei as applied to our U.S. dollar denominated cash position.

Jerry: However, these effects were partially offset by expense efficiencies coupled with the recognition of insurance claim payments in Mexico.

Jerry: 1% to $3 8 billion pesos and operating margin expanded by 130 basis points to 12, 6%.

Jerry: Finally, our adjusted EBITDA in the Division grew two 1% with a 60 basis point margin contraction to 19, 9%.

Jerry: This margin expansion was driven mainly by operating leverage coupled with cost and expense controls across our operations.

Gerardo Celaya: Our interest expense net increased 9.7% driven by higher interest expense due to new financing in Argentina and higher interest rates in Brazil, coupled with lower interest income mainly related to decreases in interest rates in Argentina.

Jerry: These effects were partially offset by higher fixed costs and expenses, such as freight and maintenance.

Jerry: Moving on to South America.

Jerry: Volumes increased 1% to $433 2 million unit cases.

Finally, adjusted EBITDA in South America increased 27, 3% to $5 3 billion peso for a margin expansion of 130 basis points to reach 17, 5%.

Jerry: This increase was driven by the growth achieved in Brazil, Argentina and Uruguay.

Gerardo Celaya: Finally, I'd like to take a moment to comment on sustainability. As we've highlighted in previous calls, fostering a sustainable future remains one of our six strategic priorities. Earlier this month, we published our 2024 Integrated Annual Report showcasing key progress across our sustainability agenda. Over the past year, we strengthened our sustainability framework and completed our first double materiality assessment, resulting in a more closely integrated strategy into our long-term planning and reinforcing our ambitions to amplify our positive impact across the value chain. As part of our sustainability efforts, we made meaningful progress across several key areas. We increased renewable energy use to 84%.

Jerry: That was partially offset by a volume decline in Colombia.

Jerry: Yeah.

Jerry: Our revenues in South America increased 17, 4% to 35 billion pesos, driven mainly by our revenue management initiatives.

Jerry: Shifting gears to our comprehensive financial results, which recorded an expense of $1 1 billion vessels as compared to an expense of $1 2 billion pesos. During the same period of the previous year.

Jerry: <unk> mix and favorable currency translation effects into Mexican pesos on.

Jerry: This five 2% reduction was driven mainly by a gain on financial instruments of 135 million pesos as compared to a loss of $46 million vessels in the same period of the previous year mainly.

Jerry: On a currency neutral basis total revenues in South America increased 13, 2%.

Jerry: Gross profit in South America increased 22, 8%, leading to a margin expansion of 190 basis points to 42, 5%.

Jerry: Mainly driven by the quarterly reduction in floating interest rates and we recorded a higher gain in hyperinflationary subsidiaries.

Jerry: This margin expansion was driven mainly by top line growth operating leverage and the decrease in sweetener costs.

Jerry: However, these effects were partially offset by a foreign exchange loss of 59 million pesos as compared to a gain in the same period of the previous year driven by the quarterly appreciation of the Brazilian reais as applied to our U S dollar denominated cash position.

Jerry: These effects were partially offset by the currency depreciation from most of our operating currencies as compared to the U S. Dollar.

Gerardo Celaya: Last August, we reached our intermediate water efficiency target of 1.36 liters per liter of beverage produced, positioning us as industry benchmark. diverted 99% of operational waste from landfills. We improved work workplace safety. We increased the share of women in leadership roles. And we strengthen community support through water access and climate response programs aligned with our social funds.

Jerry: Operating income for the Division increased 31 point.

Jerry: Our interest expense net increased nine 7% driven by higher interest expense due to new financing in Argentina, and higher interest rates in Brazil, coupled with lower interest income mainly related to decreases in interest rates in Argentina.

Jerry: 1% to $3 8 billion pesos and operating margin expanded by 130 basis points to 12, 6%.

Jerry: This margin expansion was driven mainly by operating leverage coupled with cost and expense controls across our operations.

Jerry: Finally, I'd like to take a moment to comment on sustainability as we've highlighted in previous calls fostering a sustainable future remains one of our six strategic priorities earlier.

Jerry: These effects were partially offset by higher fixed costs and expenses, such as freight and maintenance.

Gerardo Celaya: For further details, I invite you to explore our 2024 Configurated Annual Report available on our website.

Jerry: Finally, adjusted EBITDA in South America increased 27, 3% to $5 3 billion pesos for our margin expansion of 130 basis points to reach 17, 5%.

Operator: With that, operator, we're ready to take questions. Thank you very much, sir.

Jerry: Earlier this month, we published our 2024 integrated annual report showcasing key progress across our sustainability agenda.

Operator: Ladies and gentlemen, as a reminder, if you wish to ask any questions, please press star one on your telephone keypad and just make sure that your lines are not muted to allow you to switch your equipment. So that's star one for questions.

Over the past year, we strengthened our sustainability framework and completed our first double materiality assessment, resulting in a more closely integrated strategy into our long term planning and reinforcing our ambitions to amplify our positive impact across the value chain.

Rodrigo Alcantara: We'll begin today's Q&A session with Mr. Rodrigo Alcantara of UPS. Please go ahead. Hello, good morning.

Jerry: This five 2% reduction was driven mainly by <unk>.

Jerry: As part of our sustainability efforts, we made meaningful progress across several key areas.

Jerry: Gain on financial instruments of $135 million, Brussels, as compared to a loss of $46 million vessels in the same period of the previous year mainly.

Ian Garcia: Ian, Gary, can you hear me? The first one would be on Mexico, Ian, would you like to explore a bit better on Mexico? Your commentary on adjusting rapidly to a certain environment, like you mentioned about, um...

Jerry: We increased renewable energy use to 84%.

Jerry: Mainly driven by the quarterly reduction in floating interest rates and we recorded a higher gain in hyperinflationary subsidiaries.

Jerry: Last August we reached our intermediate water efficiency target of $1 36 liters per liter of beverage produced.

Jerry: <unk> us as industry benchmark.

Jerry: Diverted 99% of operational waste from landfills, we improved work workplace safety, we increase the share of women in leadership roles.

Ian Garcia: about promotions right about about about uh launching promotions uh promoting surf if i uh understood correctly so wanted to explore uh more about this and how are you adjusting to this uncertain environment and also you can share uh a bit about and what what do you expect in terms of of price elasticity right i mean you have to reduce price you expect to increase volumes right any any quantum number you can share regarding a potential elasticity we need to see from from this uh uh adjustment that you're doing in mexico that would be my my question to you and and the other one would be to to gary right um um all in all you know a full year 2025 you can't comment on the quantified savings uh that you have a projected for the year uh they come only from a lower cost to serve would be more ropex uh any guidance that you can give us on on the cost savings for this movie would be very helpful thank you uh for questions Hi, Rodrigo, yes.

And we strengthened community support through water access and payment response programs aligned with our social fund.

Jerry: For further details I invite you to explore our 2024 integrated annual report available on our website.

Operator, we're ready to take questions.

Jerry: Thank you very much sir.

Jerry: Finally, I'd like to take a moment to comment on sustainability as we've highlighted in previous calls fostering a sustainable future remains one of our six strategic priorities earlier. This month, we published our 2024 integrated annual report showcasing key progress across our sustainability agenda.

Speaker Change: Ladies and gentlemen, as a reminder, if you wish to ask any questions. Please press star one on your deck will keep out there just to make sure that your lines are not viewed it to <unk>.

Jerry: So it's your equipment, so Thats star one quick questions.

Speaker Change: We'll begin today's Q&A session with Mr. Rodrigo Alcantara of UBS. Please go ahead.

Jerry: Under.

Jerry: Over the past year, we strengthened our sustainability framework and completed our first double materiality assessment, resulting in a more closely integrated strategy into our long term planning and reinforcing our ambitions to amplify our positive impact across the value chain.

Speaker Change: Hello, Good morning.

Speaker Change: Yes, Derek can you hear me.

Speaker Change: Yes.

Speaker Change: Hello.

Speaker Change: Awesome. Thank you.

Speaker Change: Yes, the first one would be on Mexico.

Speaker Change: It would be.

Speaker Change: We'd like to explore exploit better on.

Jerry: As part of our sustainability efforts, we made meaningful progress across several key areas.

Speaker Change: Two commentary on adjusting rapidly due to the uncertain environment that you mentioned above.

Jerry: We increased renewable energy used to 84%.

Speaker Change:

Jerry: Last August we reached our intermediate water efficiency target of $1 36 meters per liter of beverage produced.

Ian Garcia: Let me give first a little of a broader context of Mexico for our industry in general, and then I'll tell you what I refer to as adjusting rapidly and what we've seen in the short term. So if you remember just in general last year, in the first half of the year. There was a lot of cash on the street from social programs that had been anticipated, let's say the outlays, and probably in connection with the election. And then we had a heat wave that, coupled with a dry spell as well, that started around April, peak in May, June.

Speaker Change: About two emotion strident about about our lunch promotions promoting certify understood correctly, so wanted to explore.

Jerry: <unk> us as industry benchmark.

Speaker Change: More about this and how are you.

Jerry: Diverted 99% of operational waste from landfills, we improved work workplace safety, we increase the share of women in leadership roles at.

Speaker Change: Do you have just into traditional and certain environment and also if you can share.

Speaker Change: A bit about what.

Speaker Change: Do you expect in terms of.

Speaker Change: Price elasticity revenue.

Jerry: And we strengthened community support through water access and payment response programs aligned with our social fund.

Speaker Change: We witnessed price you expect to.

Speaker Change: Volume strike any any quant any number you can share regarding a potential next TCT, we may see some from these.

Jerry: For further details I invite you to explore our 2024 integrated annual report available on our website.

Adjustments in Germany, and Mexico.

Jerry: With that operator, we're ready to take questions.

Speaker Change: My question to you Ian.

Ian Garcia: Remember, it was very high heat. And then the contrary happened in the second half. We had a lot of rain in the third quarter, a lot of floods, a hurricane as well by the end. And we had the hangover from the elections with less cash on the street. So that was the general background. So going into this year, we knew we were going to have tougher comps for the first half of the year. So that was, let's say, sort of factored into our plan. January started off reasonably well within that backdrop. And then in February, we started seeing a slowdown.

Jerry: Thank you very much sir.

Speaker Change: Yes, it would be.

Jerry: Ladies and gentlemen, as a reminder, if you wish to ask any questions. Please press star one on your the core key pathogens make sure that your lines have not viewed it twice or whats your equipment. So thats star one quick questions.

Speaker Change: Gary right.

Speaker Change: All in all again full.

Speaker Change: Full year 2025, you can't comment on the quantify savings.

Speaker Change: But you've kept up trajectory.

Speaker Change: Sure.

Speaker Change: We'll begin today's Q&A session with Mr. Rodrigo Alcantara of UBS. Please go ahead.

Speaker Change: Would they come mainly from a lower cost to serve would be more opex.

Speaker Change: Any guidance that you can keep us on the cost savings you would be very sharp on Chengdu.

Yes.

Speaker Change: Hello, Good morning.

Speaker Change: Jerry can you hear me.

Speaker Change: Thanks for questions.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Hello.

Speaker Change: Hi illegal yet.

Speaker Change: Awesome.

Speaker Change: Yes, the first one would be on Mexico.

Speaker Change: Let me give first a little broader context.

Speaker Change: Yes.

Ian Garcia: Remember, there were more geopolitical tensions around, more uncertainty. And we started seeing an increase, really a spike in promotional activities. And this is not limited to the beverage industry at all. So when you go out there today and visit the market in Mexico, you see a lot of brands doing two-for-one promotions. You see bread makers seeking magic price points, the donuts that are very popular here for 10 pesos, less content for the same packages. So you see an intensity in the competitive environment across CPG markets in general. So that's what I mean by when we started seeing that and the volumes getting soft, we very quickly reacted.

Speaker Change: Mexico and for our industry in General and then I'll tell you what or what I refer to us adjusting rapidly and what we saw in the short term.

Speaker Change: We would like to explore a bit better on.

Speaker Change: Two commentary on adjusting rapidly.

Speaker Change: Certainly an environment that you mentioned above.

Speaker Change: So if you remember just in general last year in the first half of the year.

Speaker Change:

Speaker Change: About two emotion stride about about about lunch promotions for multi serve.

Speaker Change: There was a lot of cash on the street from social programs that have been anticipated, let's say the outlays.

Speaker Change: Understood correctly, so wanted to explore more.

Speaker Change: Bulk east how are Ya <unk>.

Speaker Change: <unk> just into traditional kind of environment and also if you can share.

Speaker Change: Probably in connection with the election, and then we've got a heat wave.

Speaker Change: A bit about.

Speaker Change: Coupled with a dry spell as well that it started around April.

Speaker Change: What do you expect in terms of price elasticity revenue.

Speaker Change: In May June remember it was very high heat and then the contrary.

Speaker Change: You Wouldnt surprise, you expected with <unk>.

Speaker Change: Volume strength in the any quant any number you can share regarding a potential.

Speaker Change: In the second half, we got a lot of rain in the third quarter.

Speaker Change: Lot of floods.

Speaker Change: We may see from from <unk>.

Speaker Change: Hurricane as well by the end.

Speaker Change: Adjustments in Germany, Mexico.

Speaker Change: We saw the hangover from the elections with less cash on the street. So that was the general background. So going into this year. We knew we were going to have tougher comps for the first half of the year. So that was that they sort of factored into our plan.

Ian: My question to you Ian.

Ian Garcia: And to this day, in our territories, in this environment, we need to be at a very accessible price point with an intense promotional calendar. Otherwise, you're not in the ballgame. So that's what I mean today. So in that environment, yes, price elasticity is higher, okay? So I don't know if that context helped in general. Yeah, no, that was awesome. Thank you, Ian.

Speaker Change: Yes.

Speaker Change: Gary.

Speaker Change: All in all again.

Speaker Change: <unk> 2025.

Speaker Change: And comment on the quality type savings.

Speaker Change: But you've kept up trajectory here with Nick.

Speaker Change: January started off.

Speaker Change: Reasonably well within that backdrop and then in February we started seeing a slowdown remember there were more geopolitical tensions around more uncertainty.

Speaker Change: <unk> from a lower cost to serve more opex any guidance that you can keep us on the cost savings you would be very helpful. Thank you.

Speaker Change: Neutral.

Speaker Change: We started seeing an increase really a spike in promotional activities. This is not limited to the beverage industry at all so when you go out there today and we see the market in Mexico.

Gerardo Celaya: That would be the other one for Gary.

Speaker Change: Thanks for questions.

Gerardo Celaya: Regarding savings, Rodrigo, for this year, building on what we did last year, we have identified about $90 million in savings distributed fairly equally between cost-to-make, cost-to-serve, and T1 and portfolio savings. Having said that, we're especially making an effort in the two operations where we are seeing a softer consumer sentiment, Mexico and Colombia, looking for other savings initiatives that can help us run through this short-term expectation of softer consumer environment. And those 90 million would be in Mexico, ma'am? In all of our operations.

Speaker Change: Hi.

Speaker Change: Yes.

Speaker Change: Let me first of all.

Speaker Change: A broader context of Mexico and for our industry in General and then I'll tell you what or what I refer to us adjusting rapidly and what we saw seeing in the short term. So if you remember just in general last year in the first half of the year.

Speaker Change: A lot of brands doing too far one promotions.

Speaker Change: Bread makers.

Speaker Change: Seeking magic price points.

Speaker Change: The doughnuts that are very popular here for thin bezel less and less content for the same packages. So you see I mean density in competitive.

Speaker Change: There was a lot of cash on the street from social programs that have been anticipated, let's say the outlays.

Speaker Change: In the competitive environment across the CBD markets in general.

Speaker Change: It probably in connection with the election, and then we've had a heat wave that.

Speaker Change: So that's what I mean by when we started seeing that on.

Speaker Change: Coupled with a dry spell I've loved that it started around April peaking in May June remember it was very hiking and then the contrary.

Speaker Change: The volumes getting soft we very quickly reacted.

Speaker Change: To this day in our territories in this environment and we need to be at a very accessible price point with an intense promotional calendar or otherwise youre not in the ballgame. So thats, what I mean to the so in that environment, yet price elasticity is higher okay. So I don't know.

Speaker Change: Happened in the second half we had a lot of rain in the third quarter, a lot of floods hurricane as well by the end.

Gerardo Celaya: Thank you. In all of our operations, Rodrigo, but certainly Mexico is an important portion of the savings that we're looking to achieve. Awesome.

Speaker Change: We had the hangover from the elections with less cash on the street. So that that was the general background. So going into this year. We knew we were going to have tougher comps for the first half of the year. So that was let's say sort of factored into our plans.

Speaker Change: That context.

Gerardo Celaya: Thanks, Jerry.

Speaker Change: In general.

Gerardo Celaya: Thank you.

Speaker Change: Yes, no doubt.

Felipe Ucras: Thank you, Mr. Our next question will be coming from Felipe Ucras of Scotiabank. Please go ahead. Thanks, Operator. Good morning, Ian, Jerry, and team. A couple on my side. Perhaps starting with Latin America, pretty good volume performance in the Southern Cone, and then a nice uplift in Ibiza. Just wondering if we could comment on the profitability by country. I imagine that the volume recovery in Argentina was a key driver for improving the margins, but wanted to make sure if that's where most of the margin improvement came from. And then on operating leverage, I recognize that volumes have had a lower absorption effect this quarter.

Speaker Change: Something Julien.

Speaker Change: The bee deal there one ordinary.

Speaker Change: January started off.

Speaker Change: Regarding regarding savings road Eagle.

Speaker Change: Reasonably well within that backdrop and then in February we started seeing a slowdown remember there were more geopolitical tensions around more uncertainty.

Speaker Change: This year and building on what we did.

Speaker Change: Last year, we have identified.

Speaker Change: About $90 million in savings distributed.

Speaker Change: We started seeing an increase really a spike in promotional activities. This is not limited to the beverage industry at all so when you roll out there today and this is the market in Mexico, you see a lot of brands doing too far one promotions you'll see.

Fairly equally between cost to make cost to serve and Taiwan and portfolio savings, having said that.

Speaker Change: <unk>, especially making an effort in the two operations, where we are seeing a softer consumer softer consumer sentiment, Mexico, and Colombia looking for other savings initiatives that can help us run through this short term expectation of softer consumer.

Bread makers.

Speaker Change: Seeking magic price points.

Felipe Ucras: But even when we look at the prior two quarters, it looks like consolidated SG&A as a percentage of sales have been coming in a little hotter than in 2022 and 2023.

Speaker Change: The doughnut that are very appropriate for them vessel less and less content for the same packages. So you see I mean density in competitive.

Speaker Change: And our environment.

Speaker Change: Understood and those 90 million would be.

Felipe Ucras: So I'm wondering if you think this is something that you can lower back to those levels, or if we should think of this expense inflation as simply a reset to a new level and think of this new level as the appropriate one for modeling going forward. Thank you.

Speaker Change: In the competitive environment across the CPG markets in general.

Speaker Change: In Mexico more.

Speaker Change: <unk> maintained all of our operations.

Speaker Change: So that's what I mean by when we started seeing that on.

Speaker Change: And all of the operations of our legal but certainly Mexico.

Speaker Change: The volumes getting soft we very quickly reacted.

Speaker Change: As an important portion of the savings that we're looking to achieve.

Jeremy: Thanks, Jeremy.

Speaker Change: Thank you.

Speaker Change: Yeah.

Ian Garcia: Hello, Felipe. If you want, I'll give you a broader context and then you can go and enter into the specific margins and SDNA points that Felipe raised. So, LATAM had a very good response and the margin expansion was not limited to Argentina, I would say. A big, big driver was Brazil, as well, which continues to fire on all cylinders, notwithstanding a tough comp for us because we still didn't have the Porto Alegre plant fully operational. We barely closed the quarter around 60%. We're today at around 80%, but even with that, we had nice margin expansion in Brazil, very good expansion in Argentina.

Speaker Change: Thank you Sir.

Speaker Change: Our next question will be can be fed ebay will cross of Scotiabank. Please go ahead.

Speaker Change: Thanks, operator, good morning, Gerry and team.

Speaker Change: That context.

Speaker Change: In dinner.

Speaker Change: A couple on my side.

Speaker Change: Perhaps starting with Latin America.

Yes.

Speaker Change: Awesome. Thank Julian.

Speaker Change: Pretty good volume performance in the southern cone and then a nice uplift in EBITDA. Just wondering if you could comment on the on the profitability by country I imagine that the volume recovery in Argentina was a key driver for improving the margins, but wanted to make sure if thats, where most of the margin improvement came from.

Speaker Change: Let me deal there one for Gary.

Speaker Change: Regarding regarding savings run at Eagle.

Speaker Change: This year at building on what we did.

Speaker Change: Last year, we have identified.

Speaker Change: About $90 million in savings distributed.

Speaker Change: Fairly equally between cost to make cost to serve and tier one and portfolio savings having said that.

Speaker Change: And then on operating leverage.

Speaker Change: Recognize that volumes have had lower absorption effect this quarter.

Speaker Change: But even when we look at the prior two quarters. It looks like consolidated SG&A as a percentage of sales has been coming in a little hotter than in 2022 and 2023.

Speaker Change: We're especially making an effort in the two operations, where we are seeing a softer consumer or softer consumer sentiment, Mexico, and Colombia looking for other savings initiatives that can help us run through this short term expectation of softer consumer.

Ian Garcia: So, in general, things are looking good for us in those operations.

Gerardo Celaya: Do you want to get into the specifics? I'll start with the first part of your question, Felipe, regarding the performance in our South America division. All of our operations actually contributed to margin expansion to highlight, obviously, Argentina that you mentioned, but also we saw an improvement in profitability margins in Colombia. And our largest operation in the South America division, Brazil, also showing an expansion in EBIT margins of 100 basis points for the period compared to last year. So, across the board, margin expansion, as you know and we've highlighted before, we have opportunities to continue expanding profitability in both our operations in Brazil and Colombia.

Speaker Change: I'm wondering if you think this is something that you are currently lower back to those levels or if we should think.

Speaker Change: All of this expansion inflation as simply a reset to a new level.

Speaker Change: And our environment.

Speaker Change: Okay.

This new level is the appropriate one for modeling going forward. Thank you.

Speaker Change: Understood and those noted 90 million would be.

Speaker Change: Mexico meal.

Speaker Change: Yes.

Speaker Change: In all of our operations.

Felipe: Hello Felipe.

Speaker Change: In all of our operations, our legal but certainly Mexico.

Speaker Change: If you want I'll give you a broader context and then there you can go to.

Speaker Change: As an important portion of the savings that we're looking to achieve.

Speaker Change: The specific margins in EMEA.

Speaker Change: Right.

Speaker Change: So.

Jerry: Thanks Jerry.

Speaker Change: Latam Latam had a very good response on the margin expansion was not limited to Argentina, I would say.

Thank you.

Speaker Change: Yeah.

Speaker Change: Thank you Sir.

Speaker Change: Our next question will be can be fed ebay will cross of Scotiabank. Please go ahead.

Speaker Change: A big Big driver was Brazil, which continues to fire on all cylinders.

Gerry: Thanks, operator, good morning, Gerry and team.

Speaker Change: Notwithstanding a tough comp for us because we don't we built we still didn't have.

Speaker Change: A couple on my side.

Speaker Change: Perhaps starting with Latin America.

Speaker Change: The legacy plant.

Speaker Change: Pretty good volume performance in the southern cone and then a nice uplift in EBITDA. Just wondering if you could comment on the on the profitability by country I imagine the volume recovery in Argentina was a key driver for improving the margins, but wanted to make sure. If that's where most of the margin improvement came from.

Gerardo Celaya: So, we expect that to continue to be the case as we move forward, but this is the case for this quarter.

Fully operational we barely close of the quarter around 60%, we're today at around 80, but even with that.

Speaker Change: We had nice margin expansion in Brazil, very good expansion in Argentina. So in general things are looking good for us in those operations there'll be want to get into the hospital.

Gerardo Celaya: Regarding SG&A, our expenses for our Mexico and Central America division, we have seen pressure, especially in Mexico, related to labor. Also, maintenance was an important issue and we expect that this will continue to be an issue as we continue building our capacity. But we do have a very important focus, especially this year and the first half of this year, to try to look for efficiencies in expenses, especially in our Mexico operation, to help with the numbers when we're seeing a softer market condition. Got it. That's, that's very clear.

Speaker Change: And then on operating leverage.

Speaker Change: Recognize that volumes have had lower absorption effect this quarter.

Speaker Change: I'll start.

Speaker Change: With the first part of your question Felipe regarding.

Speaker Change: But even when we look at the prior two quarters. It looks like consolidated SG&A as a percentage of sales has been coming in a little hotter than in 2022 and 2023. So I'm wondering if you think this is something that you are putting lower back to those levels or if we should think.

Speaker Change: Performance in our South America Division.

Speaker Change: All of our of our operations actually contributed to margin expansion.

Speaker Change: To highlight obviously, Argentina that you mentioned, but also we saw an improvement in profitability margins in Colombia, and our largest operation in.

Speaker Change: All of this expansion inflation as simply a reset to a new level and think of.

Speaker Change: This new level is the appropriate one for modeling going forward. Thank you.

Speaker Change: South America Division, Brazil also show.

Speaker Change: Pension and EBIT margins of 100 basis points.

For the period as compared.

Speaker Change: Two last year.

Felipe Ucras: And if I, if I can do a very short follow-up, wanted to see if you could comment on changes in the mix. Are you seeing consumers kind of veering towards returnables given the deceleration and a little bit more of a conservative stance from the consumer?

Felipe: Hello Felipe.

Speaker Change: So across the board margin expansion.

Felipe: If you want I'll give you a broader context and then there you can go in and enter into the specific margins on this DNA points.

Speaker Change: As you know and we've highlighted before we.

We have opportunities to continue expanding profitability in both our operations in Brazil, and Colombia. So we expect that will continue to be the case as we move forward.

Felipe: Right so.

Felipe: Latam Latam had a very good response on the margin expansion was not limited to Argentina, I would say.

Jorge Pereda: Hi Felipe, it's Jorge here. Yeah, I would say we see mixed across Coca-Cola FEMSA mixed performance with regards to the presentations, you know, in terms of size, I would say from single serve and multi-serve. So for example, in Mexico in particular, we have seen that in terms of mix moving more towards multi-serve. On the other hand, I would say that in South America, as Ian mentioned, Brazil is performing very well, growing on top of very tough comps. It was double-digit growth the first quarter of 2024. And on top of that, Brazil is growing. Ian mentioned during his prepared remarks that single-serve mix in particular in Brazil is growing.

Speaker Change: But this is the case for this quarter.

Felipe: A big Big driver was Brazil, as well, which continues to fire on all cylinders.

Speaker Change: Regarding SG&A, our expenses for our Mexico, South America of our Mexico, and Central America Division.

Felipe: Notwithstanding a tough comp for us because we don't we don't we still didn't have the port the legacy plant fully operational we barely close to the quarter around 60%. We are today at around 80, but even with that.

Speaker Change: We have seen our pressure.

Speaker Change: Specialty in Mexico related to labor.

Speaker Change: Also.

Speaker Change: Our maintenance.

Speaker Change: It was an important issue and we expect that this will continue to be an issue as we continue building our capacity.

Felipe: We had nice margin expansion in Brazil, very good expansion in Argentina. So in general things are looking good for us in those operations do you want to get into the placebo.

Speaker Change: But we do have a very important focus, especially this year and the first half of this year.

Felipe: I'll start.

Felipe: With the first part of your question Felipe regarding.

Speaker Change: To try to look for efficiencies and expenses, especially on our in our Mexico operation.

Felipe: Performance in our South America Division.

Felipe Ucras: So I would say it depends on the market and what we're seeing, but I would say that in most parts of South America, in South America division, we're seeing a trend of single-serve mixed growth. While in Mexico, we have seen a little bit more of a performance from multi-serve presentation. That's very helpful. Thanks a lot, guys.

Speaker Change: To help with the numbers when we're seeing a softer market conditions.

Felipe: All of our of our operations actually contributed to margin expansion.

Speaker Change: Okay.

Felipe: To highlight obviously, Argentina that you mentioned, but also we saw an improvement in profitability margins in Colombia, and our largest operation in the South America Division, Brazil, also showing an expansion and EBIT margins of 100 basis points.

Speaker Change: Got it.

Speaker Change: That's very clear if I can do very short follow up.

Speaker Change: Wanted to see if you could comment on changes in the mix are you seeing consumers kind of gearing towards returnable escape given the deceleration in a little bit more of a conservative stance from the consumer.

Felipe Ucras: Thank you, Felipe.

Yes.

Speaker Change: Hi, Philippe it's harder here, yes, I would say we see mixed.

Operator: Thank you very much, sir.

Felipe: For the period as compared to two last year.

Enrique Morello: The next question today will be coming from Mr. Enrique Morello of Morgan Stanley. Please go ahead, sir. Hi, everyone. Thank you so much for taking my question. I just wanted to explore a bit your market share trends in Mexico. So I wonder if, coupled with the volume decline, you also saw meaningful changes in the market share trends during the quarter. You already mentioned that you adjust your price in the end of the quarter, but if you could comment if you still perhaps saw customers migrating to brands with lower price points or something like that would be helpful.

Felipe: So across the board margin expansion.

Speaker Change: Coca Cola FEMSA and mixed performance with regards to.

Felipe: You know and we've highlighted before.

Speaker Change: The presentation snow in terms of size I would say from single serve and multi serve.

Felipe: We have opportunities to continue expanding profitability in both our operations in Brazil, and Colombia. So we expect that will continue to be the case as we move forward.

Speaker Change: For example in Mexico in particular, we have seen that in terms of mix moving more towards.

Felipe: But this is the case for this quarter.

Speaker Change: Towards multi serve.

Speaker Change: On the other hand, I would say that in South America.

Felipe: Regarding SG&A, our expenses for our Mexico, South America for our Mexico, and Central America Division.

Speaker Change: As Ian mentioned, Brazil is performing very well growing on top of very tough comps. It was double digit growth. The first quarter of 2024 and on top of that Brazil is growing.

Enrique Morello: And still in the market share topic, if you could just also remind us quickly what are our priorities in terms of categories and products you want to recover market share and how that's been evolving when your additional capacity comes online. That would be very helpful as well. Thank you very much.

Felipe: We have seen pressure.

Felipe: Specialty in Mexico related to labor.

Speaker Change: You had mentioned during his prepared remarks.

Felipe: Also.

Felipe: Our maintenance.

Speaker Change: Single serve mix in particular in Brazil is growing so I would say it depends on the market and what we're seeing but I would say that in most parts of South America in South America Division, we're seeing.

An important issue and we expect that this will continue to be an issue as we continue building our capacity.

Felipe: But we do have a very important focus, especially this year in the first half of this year.

Ian Garcia: Hi, Enrique. Yes, like I said, we were transiting January more or less in line with what we expected. And then we saw an adjustment to our volumes and a softer environment and softer share in February. And that is when we reacted very, very swiftly and adjusted our plans, increased our tactical calendar, both for single-serve and multi-serve, and in both traditional and modern channels. In modern channels, it's much easier to have very good price compliance, have all of our calendar follow through. So I would say from the impact that we saw in February, share trended very well in the right direction throughout the rest of the quarter in the modern channels.

Speaker Change: Trend of single serve mix growth, while in Mexico, we have seen a little bit more of.

Felipe: To try to look for efficiencies and expenses, especially in our in our Mexico operation.

Speaker Change: Performance from our multi serve presentations in particular.

Felipe: To help with the numbers when we're seeing a softer market conditions.

Speaker Change: That's very helpful. Thanks, a lot guys.

Speaker Change: Thank you.

Yeah.

Felipe: Yes.

Speaker Change: Thank you very much sir.

Felipe: Got it.

That's very clear.

Speaker Change: The next questioner today will be coming from Mr. Modelo.

Felipe: Can do very short follow up.

Speaker Change: Hello of Morgan Stanley. Please go ahead Sir.

Felipe: Wanted to see if you could comment on changes in the mix are you seeing consumers kind of gearing towards returnable scheme, given the deceleration in a little bit more of a conservative stance from the consumer.

Speaker Change: Hi, everyone and thank you so much for taking my question I just wanted to just explore a beat your market share trends in Mexico.

Speaker Change: So I wonder if coupled with the volume decline you also saw meaningful changes in the market share trends during the quarter.

Felipe: Okay.

Felipe: Hi, Philippe it's harder here, yes, I would say, we see mixed across Coca Cola FEMSA and mixed performance with regards to.

Speaker Change: You already mentioned that you had just your pricing and gained a supplier, but if you could comment if you still perhaps saw customers migrating to brands with lower price points or something like that would be helpful and stealing market share topic. If you could just also remind us quickly whats our priorities in terms of categories and products you want.

Felipe: The presentations nor in terms of size I would say from single serve and multi serve so for example in Mexico. In particular, we have seen that in terms of mix moving more towards.

Ian Garcia: So we're confident that that's going to start to show.

Ian Garcia: And then in the traditional channel, it took us a little bit more time to get everything in place with our revised calendar, because you have to make sure that the resources you put in are going to flow through to the consumer. Otherwise, it's just increased trade margins. So that took us more time, a couple of weeks. And once we were able to adjust that, then the share recovery is starting there as well. It's trending in the right direction. It's not at the modern channel level where we've been able to recuperate the impact that we had in February, but it's trending in the right direction.

Felipe: Towards multi serve.

Felipe: On the other comment I would say that in South America.

Speaker Change: To recover market share and how that's been evolving.

Felipe: As Ian mentioned, Brazil is performing very well growing on top of very tough comps. It was double digit growth. The first quarter of 2024 and on top of that Brazil is growing.

Speaker Change: When you see our additional capacity comes online.

Speaker Change: That will be very helpful. As well thank you very much.

Speaker Change: Yes.

Speaker Change: Hi, Enrique yes, like I said that we would.

Felipe: Ian mentioned during his prepared remarks.

Speaker Change: Transiting January more or less in line with what we expected.

Felipe: Single serve mix in particular in Brazil is growing so I would say it depends on the market and what we're seeing but I would say that in most parts of South America in South America Division, we're seeing.

Speaker Change: Then we saw an adjustment to our volumes in a software environment and software share in February and that is when we reacted very very swiftly.

Ian Garcia: And, Enrique, regarding capacity and, you know, the focus that we have across categories, remember that, you know, the first strategic priority that we have is growing the core business. So the vast majority of the capacity that we are adding across our markets is focused on that core. So that means that it's going to the sparkling category. We're adding different sizes, different presentations. And that. As is obvious, it's going to help us not only with brand Coca-Cola but with flavors as well because when we were facing the capacity constraints, at some point, as you know, when there was unavailability, we had to, you know, prioritize brand Coca-Cola and we started having some weakness in flavors.

Speaker Change: Adjusted our plans increased our tactical calendar, both for single serve and multi serve and in both traditional and.

Felipe: Trend of single serve mix growth, while in Mexico, we have seen a little bit more of.

Felipe: Performance from multi serve presentations in particular.

Mullen: Mullen chairman.

Mullen: In modern channel is much easier to have very good price compliance have all of the all of our calendar follow through so I would say from the impact that we saw in February share trends.

Felipe: That's very helpful. Thanks, a lot guys.

Felipe: Thank you.

Felipe: Thank you very much sir.

Speaker Change: The next question today will be coming from Mr. Marcelo.

Marcelo: Hello of Morgan Stanley. Please go ahead Sir.

Mullen: Very well in the right direction throughout the rest of the quarter in the modern China. So we're confident that that's going to start to show and then in the traditional channel. It took us a little bit more time to get everything in place with our revised calendar because you have to make sure that the resources you put in there.

Marcelo: Hi, everyone and thank you so much for for taking my question I just wanted to just explore a beat your market share trends in Mexico.

Marcelo: I wonder if coupled with the volume decline you also saw meaningful changes in the market share trends during the quarter.

Marcelo: You already mentioned that you adjust your pricing in the end of the acquirer, but if you could comment if you still perhaps saw customers migrating from brands with floor price points or something like that would be helpful and stealing market share topic. If you could just also remind us quickly whats our priorities in terms of categories and products you want.

Mullen: Going to flow through to a consumer or otherwise it's just increased.

Ian Garcia: That happened in Vegas? And still. Yes. I would say. I mean.

Mullen: Trade margin, so that took us more time.

Ian Garcia: The large investments that we put in, together with the supply chain initiative. We don't have an unavailability issue in Mexico anymore. That has been solved, not only for CSDs, but for steals as well. So it's a large improvement in order fulfillment, almost 1.4, 1.5 points there. And we're much better prepared to enter into the high season today. That being said, like I mentioned, last year's high season was coupled with a heat wave. So it was very intense. This year's high season, our weather forecast is going to be more normal weather. So you couple the fact that we have more capacity online, we're better prepared, and it'll be a more normal weather if the models pan out.

Mullen: Paul of weeks and once we were able to adjust that then the share recovery, starting there as well as extending in the right direction, if not more than 10, a level, where we've seen really enabled two which will break the impact that we got in February but trending in the right direction.

Marcelo: To recover market share and how that's been evolving.

Marcelo: When you see our additional capacity comes online.

Speaker Change: And then Rick regarding <unk>.

Marcelo: That would be very helpful. As well thank you very much.

Mullen: Capacity.

The focus that we have across categories.

Marcelo: Okay.

Speaker Change: Hi, Andrew Yes, like I said, we would.

Mullen: Remember that the first strategic priority that we have is growing the core business.

Speaker Change: Transiting January more or less in line with what we expected and then we saw an adjustment to our volumes in a software environment and software share in February and that is when we reacted very very swiftly.

Mullen: The vast majority of the capacity that we are adding across our markets is focused on that core so that means that it's going to the sparkling category we're adding.

Speaker Change: Adjusted our plans increased our tactical calendar, both for single serve and multi serve and in both traditional and modern chairman.

Mullen: Different sizes different presentations and that.

Ian Garcia: And we should have a good benchmark in terms of customer service this year vis-a-vis last.

Mullen: As a result is going to help us not only with brand Coca Cola, but with flavors as well because we were when we were facing the capacity constraints.

Speaker Change: Modern channel.

Speaker Change: It's much easier to have very good price compliance have all of the Oliver calendar follow through so I would say from the impact that we saw in February share trended.

Enrique Morello: That's clear. Thank you very much. Thank you, Luis.

Mullen: At some point as you know when there was another liability.

Alejandro Fuchs: I'm sorry to interrupt you, sir. Our next question will be coming from Alejandro Fuchs of Itaú. Please go ahead, sir. Thank you, operator. Hola, Ian, Gerardo, Jorge, and team. Thank you for your space for questions. I have two quick ones from my side, if I may.

Mullen: Have to prioritize brand Coca Cola and we started.

Mullen: Having some some weakness in flavors that happened and then they will build on our skills as yet I would say I mean.

Speaker Change: Very well in the right direction throughout the rest of the quarter in the modern China. So we're confident that that's going to start to show and then in the traditional channel. It took us a little bit more time to get everything in place with our revised calendar because you have to make sure that the resources you put in there.

Mullen: The large investments that we put in together with our supply chain initiatives.

Ian Garcia: The first one is for Ian. I wanted to see, now with the full rollout in Brazil of Windows Plus Advisors, I wanted to ask you, when should we expect this to come to Mexico? And maybe what risk could you see coming from Brazil to Mexico that could be comparable?

Mullen: We don't have an availability issue in Mexico anymore that has been sold not only for <unk>, but for steels as well. So there's a large improvement in order fulfillment almost 11415 point to there.

Speaker Change: To flow through to a consumer or otherwise it's just increased.

Speaker Change: Trade margin, so that took us more time.

Gerardo Celaya: And the second one for Gerardo, real quick, we saw a few rewards of working capital dynamics, especially on the base of payables this quarter. Wanted to see if you can give us some color of what is driving this and what do you expect this to continue going forward? Thank you.

Mullen: We're much better prepared to enter into the high season today.

Speaker Change: All of weeks and once we were able to adjust that then the share recovery. Starting there is a way that is trending in the right direction. It's not of the modern channel level, where we've seen really enabled to recuperate the impact that we got in February but we're trending in the right direction.

Mullen: That being said like I mentioned last year Sky season.

Mullen: Coupled with a heatwave so.

Mullen: Was very intense easier sky season, or weather forecast is going to be more normal weather. So you coupled the fact that we have no capacity online we are better prepared.

Speaker Change: And then regarding capacity.

Ian Garcia: Hi, Alex. So, yes, in Brazil, you know you're on to something that works very well for the team when they accelerate the rollout because they're really, you know, seeing the benefits of the implementation of the tool. So, what happened in Brazil is we already finished the full rollout. I mean, the team is very happy there. We increased geo-efficiency almost four points, combined coverages which go directly to share, and you see that in the Brazil numbers, almost 3.6 points in CSVs, over a point in steals. So, I mean, for us, Juntos Plus Advisor is a game changer.

Speaker Change: The focus that we have across categories.

Mullen: But it will be a more normal weather the model spun out.

Speaker Change: Remember that the first strategic priority that we have is growing the core business.

Mullen: We should have a good benchmark in terms of.

Mullen: Customer service this year vis vis last year.

Speaker Change: So the vast majority of the capacity that we are adding across our markets is focused on that core so that means that it's going to the sparkling category we're adding.

Mullen: That's clear thank you very much.

Speaker Change: Thank you Andrea and thank you Mr. Smith of certain temperature.

Speaker Change: Our next question will be coming from Alejandro hooks you Tao. Please go ahead Sir.

Speaker Change: Different sizes different presentations and that.

As a result is going to help us.

Speaker Change: Thank you operator.

Speaker Change: All of the <unk> team and proposals protections.

Speaker Change: Not only with brand Coca Cola, but with flavors as well because we have when we were facing the capacity constraints.

Speaker Change: From my side, if I may the first one is for one wanted to see now with the full rollout in the CLO cordless plus advisers.

Speaker Change: At some point as you know when there was another liability we have to prioritize brand Coca Cola and we started having some some weakness in flavors that happened in Vegas on steel on steel.

Ian Garcia: We're now ready to start the rollout in Mexico. The Mexico team is heading down to Brazil to see all of the processes that are necessary behind the implementation of the tool because it's not only the tool that you put in there but the processes between the trade marketing teams, the sales service structure, and commercial, and then you roll it out. We should be doing that, I think, around June, July of this year. So, like I stated in the in the prior call, we expect to have both Mexico and Brazil fully rolled out this year. So that for us is a very, very good tool.

Speaker Change: When should we expect this to come from Mexico.

Speaker Change: Could you see coming from Brazil to Mexico that could be comparable in the second one for the whole automotive real quick we.

Speaker Change: I would say I mean.

Speaker Change: Yes.

Speaker Change: The large investments that we put in together with our supply chain initiatives.

Speaker Change: We saw fewer Watson working couple of dynamics, especially on payables. This quarter wanted to see if you can some color on what is driving this and what do you expect this to continue going forward. Thank you.

Speaker Change: Don't have an availability issue in Mexico anymore that has being sold not only for <unk>, but for steel for US was a large improvement in order fulfillment almost 11415 points there.

Speaker Change: Hi, Alex.

Speaker Change: So yes in Brazil.

Speaker Change: We're much better prepared to enter into the high season today that being said like I mentioned last year Sky season.

Speaker Change: You know you're onto something that works very well for that theme when they accelerate the rollout because they are really seeing the benefits of of the implementation of the tool. So what happened in Brazil is we already finished that will rollout in the.

Ian Garcia: It's right now without the order entry module, so it's all of the modules that are out there to help the pre-sellers be more productive and more effective. And we're starting in Brazil with the order entry functionalities. And those are also going very well. So once we add the order entry functionalities, it just takes it to an additional level because we won't only be using the advisor tool as a, let's say, Salesforce enabler, but also as an order entry tool. So it's moving very well, Alex.

Speaker Change: Coupled with a heatwave. So he was very intense easier sky season or weather forecast.

Speaker Change: More normal weather. So you couple the fact that we have no capacity online we are better prepared.

Speaker Change: The team is very happy there, we increased yield efficiency almost four points.

Speaker Change: But it will be a more normal weather the model spun out and we.

Speaker Change: Combined coverages, which goes directly to share and you see that in the Brazil numbers almost three six points since he is he's over a point these deals so the.

Speaker Change: We should have a good benchmark in terms of.

Speaker Change: Customer service this year vis vis last year.

Speaker Change: For Us <unk> plus advisor is a game changer, we're now ready to start the rollout in Mexico.

Speaker Change: That's clear thank you very much.

Andrea: Thank you Andrea and thank you Mr Chairman.

Gerardo Celaya: I don't remember the other part of the question. Working capital. Okay. Alejandro, regarding working capital, we have two main factors impacting working capital this year. And this is from our budget. It's not a surprise. It's by design. And it's connected to something that Ian has talked about during the call. And this is, as you remember, last year we had high unavailability in most of our markets, but especially in our two largest operations, Mexico and Brazil. This resulted in consuming inventories way more than usual below our regular safety inventories to be able to reduce as much as we could that unavailability this year.

Speaker Change: Joe can jump.

Speaker Change: Our next question will be coming from Alejandro hooks you Tao. Please go ahead Sir.

Speaker Change: Mexico team is getting down to Brazil to see all of the processes that are necessary behind the implementation of the two because it's not only the tools that you put in there, but the processes between the trade marketing theme the sales service structure and commercial and then you roll it out we should be doing.

Speaker Change: Yes.

Speaker Change: Thank you operator.

Speaker Change: All of the Holdco and team. Thank you poll for questions.

Speaker Change: From my side, if I may.

Speaker Change: So one can see now with the rollout in the CLO.

Speaker Change: By source.

Speaker Change: Wanted to ask when should we expect this to come from Mexico.

Speaker Change: But I think around June July.

Speaker Change: <unk> of this year, so like I stated in the in the.

Speaker Change: Could you see coming from Brazil to Mexico that could be comparable in the second one qualified automotive real quick.

Speaker Change: In the prior call, we expect to have both Mexico, and Brazil fully rolled out this year.

Speaker Change: So it's doing whats working couple of dynamics, especially on basic payables. This quarter wanted to see if you can some color what is driving this and what do you expect this to continue going forward. Thank you.

Speaker Change: That process is a very very good tool, it's right now without the order entry module. So it's <unk>.

Speaker Change: All of the modules that are out there to help the resellers.

Gerardo Celaya: We're replenishing those inventories throughout the year. We expect that this will continue to be an important effect for the remainder of the year.

Speaker Change: Be more.

Speaker Change: Productive and more effective.

Alex: Hi, Alex.

Speaker Change: We're starting in Brazil with the order entry.

Speaker Change: Yes in Brazil.

Alex: You know you're onto something.

Speaker Change: The functionality is and those are also going very well. So once we have the order entry points reality is it just takes it to an additional level because we won't only be using the advisor tool.

Alex: Works very well for that theme when they accelerate the rollout because they are really seeing the benefits of of the implementation of the tool. So what happened in Brazil is we already finished the full rollout in that theme is very happy there we increased yield efficiency almost four.

Gerardo Celaya: And the other impact is in accounts payable. As you know, we're in the process of migrating our ERP to S4, S4 HANA version of SAP. And during this process, during this year, we have higher payables. We have lower payables as compared to last year with the regular development of that project. And also that will continue to be a case for the remainder of the year.

Speaker Change: <unk>.

Speaker Change: Let's say Salesforce enabler, but also on order entry too so it's moving very well Alex.

Speaker Change: I don't remember the other part of the.

Speaker Change: Working capital Okay.

Alex: Point combined.

Speaker Change: Regarding working capital we have two main factors.

Alex: Combined coverages, which goes directly to share and you see that in the Brazil numbers almost three six points since he is he's over a point these deals so the.

Speaker Change: Impacting working capital this year and this is from from our budget.

Speaker Change: It's not a surprise it by design.

Alex: For us due to close advisor is a game changer, we're now ready to start the rollout in Mexico.

Speaker Change: And it's connected to something that Ian has talked about during the call.

Gerardo Celaya: Thank you and have a great year.

Speaker Change: This is as you remember last year, we had high unavailability.

Gerardo Celaya: Thank you, sir.

Alex: Mexico team is getting down to Brazil to see all of the processes that are necessary behind the implementation of the two because it's not only the tools that you put in there, but the processes between the trade marketing themes. The sales service structure and commercial and then you roll it out we should be doing.

Lucas Ferreira: We'll now move to Lucas Ferreira of JP Morgan. Please go ahead, sir. Hi guys, I have two questions. The first one is if you already see some positive results of these changes you're conducting in Mexico, let's say go to market and then pricing, make strategies to adjust for the tougher environments, if you already see kind of improving results in the month of April. And if you think that sort of a slower start of the year changes the whole year budget or is something that you think you can catch up later, like you mentioned second half should be of easier comps.

Speaker Change: In most of our markets, but especially in our two largest operations in Mexico and Brazil. This resulted in consuming inventories way more than usual.

Speaker Change: Below are regular safety inventories to be able to reduce as much as we could that on availability this year.

Alex: I think around June July.

Alex: <unk> of this year, so like I stated in the in the.

Speaker Change: We're replenishing those inventories.

Alex: In the prior call, we expect to have both Mexico, and Brazil fully rolled out this year so that for us. It's a very very good tool. It is right now without the order entry module. So it's all of the modules that are out there to help the resellers.

Speaker Change: Throughout the year, we expect that this will continue to be an important effect for the remainder of the year.

Speaker Change: The other impact is in accounts payable as you know we're in the process of migrating our ERP.

Speaker Change: As for.

Speaker Change: As for Hana version of SAP.

Alex: Be more productive and more effective and we're starting in Brazil with the order entry.

Ian Garcia: And the second question on Brazil, you guys mentioned that you see still opportunities to improve margins. So if you can give more details on this, if it's just like, you know, fix the cost dilution, increasing volumes, or if there's any other initiatives or mixed changes. And if you see in Brazil, any deceleration of the consumer, given sort of here the inflation, inflationary environment, inflation going up. So if you think there could be also some maybe deceleration in the consumption in the region. Thank you.

Speaker Change: And during this process during this year, we have higher payables.

Alex: The functionality is and those are also going very well. So once we add the order entry functionality as it just takes it to an additional level because we won't only be using the advisor tool.

Speaker Change: We have lower payables as compared to last year.

Speaker Change: With the regular the development of that project and also that will continue to be a case.

Alex: Yes.

Alex: Let's say Salesforce enabler, but also with an order entry too so it's moving very well Alex.

Speaker Change: For the remainder of the year.

Speaker Change: Thank you along the way.

Alex: And remember the other corporate working capital Okay. Alejandro regarding working capital we have two main factors.

Thank you Sir.

Speaker Change: We'll now move to Lucas Ferreira of Jpmorgan. Please go ahead Sir.

Alex: Impacting working capital this year and this is from from our budget.

Yeah.

Lucas Ferreira: Hi, guys.

Speaker Change: I have two questions the first one.

Alex: It's not a surprise it's by design.

If you already see some positive results. If this changes your conduct team Mexico's let's say go to market and pricing makes strategies to adjust for the tougher environments.

Alex: And it's connected to something that Ian has talked about during the call.

Ian Garcia: Hi Lucas, I'll give a broad context and then Jorge you can enter into the specifics on the views for the year. So like I mentioned to Enrique, the share impact that we saw in February with the adjustments that we did, we have fully recovered that in the modern trade and we are on our way, if things keep trending as they are, to recover that in the traditional time. That being said, Lucas, this has come about, like I said, under an environment of increased competitive intent. So that has not changed. So what I mean is you see a lot of offers and promotions out there in the marketplace.

Alex: And this is as you remember last year, we had.

Speaker Change: Hi, unavailability.

Speaker Change: And most of our markets, but especially in our two largest operations in Mexico and Brazil. This resulted in consuming inventories are way more than usual.

Speaker Change: We already see kind of improving.

Speaker Change: Results in the in the month of April.

Speaker Change: And if you if you think that.

Speaker Change: As lower as start of the year changes to whole year budget or is something that you think you can you can catch up later like you mentioned second half should be.

Speaker Change: Below are regular safety inventories to be able to reduce as much as we could that on availability this year.

Speaker Change: Easier comps and.

Speaker Change: We're replenishing those inventories.

Speaker Change: And the second question on Brazil.

Speaker Change: Throughout the year, we expect that this will continue to be an important effect for the remainder of the year and the other impact is in accounts payable as you know we're in the process of migrating our ERP.

Speaker Change: You guys mentioned that you see still opportunities to improve margins. So if you can give more details on this which is just like.

Speaker Change: Fixed cost dilution.

Speaker Change: Increasing volumes or if there is any other initiatives or mix changes.

Ian Garcia: And that was something that we did not have factored in to the year. So we had factored in October 1st have come. but we did not factor in this level of competitive intensity. So we're adjusting for that, and I think it's prudent for us with the level of uncertainty that's out there. In general, in the world, I'm not saying specific about Mexico, but it certainly spills over to Mexico, especially given where the geopolitical tensions are right now, that we think there will be this type of uncertainty and increased competitive intensity, at least for the full of the first half.

Speaker Change: As for.

Speaker Change: As for Hana version of SAP.

Speaker Change: And you should see it.

Amy: In Brazil, Amy any deceleration of the consumer the given sort of.

Speaker Change: And during this process during this year, we have higher payables.

Amy: Here, the inflation inflationary environment for inflation going off so if you.

Speaker Change: Lower payables as compared to last year.

Speaker Change: With the regular the development of that project and also that will continue to be a case.

Amy: If you think there could be also some maybe.

Speaker Change: Deceleration in the consumption in the region. Thank you.

Speaker Change: For the remainder of the year.

Amy: Okay.

Lucas Ferreira: Hi, Lucas I'll give a broader context and then you can enter into the CP com under <unk> for the useful.

Speaker Change: Thank you.

Speaker Change: Yeah.

Speaker Change: Thank you Sir.

Speaker Change: I'll now move to Lucas Ferreira of Jpmorgan. Please go ahead Sir.

Speaker Change: Like I.

Ian Garcia: So that's what we're preparing for. We're not foreseeing a respite in competitive intensity for the whole of the first half, and that was not in the initial, let's say, plans. But like I mentioned, our share is trending, is recovered in the monetary, and is trending in the right direction in the traditional term. It's much trickier to have a tactical calendar 360 plans flow through there, so it takes more time. In terms of Brazil, The margin expansions and improvements are coming, like you anticipated, a lot from operating leverage, fixed cost absorption, but there's also benefits flowing through from where we're installing our capacity.

Speaker Change: You mentioned to 200 gig.

Speaker Change: The share impact that we saw in February with the adjustments that we did we have fully recovered that in the modern trade and we are on our way.

Speaker Change: Hi, guys, Mike you have two questions. The first one.

Lucas Ferreira: If you already see some positive results of this changes your conduct team Mexico's, let's say go to market and pricing.

Speaker Change: If things keep trending as they are to recover that in that the addition of 10.

Lucas Ferreira: <unk> strategies to adjust for the tougher environments, you already see kind of improving.

Speaker Change: Being said Luca this has come about like I said under a an environment of increased competitive intensity.

Lucas Ferreira: <unk> in the <unk>.

Lucas Ferreira: The month of April.

Lucas Ferreira: And if you if you think that.

Speaker Change: So that has not changed so what I mean is you see a lot of offers and promotions out there in the marketplace and that was something that we did not have factored in to the year. So we had factored in a tougher first half comp.

Lucas Ferreira: Service lower as start of the year changes to whole year budget or is something that you think you can you can catch up later like you mentioned second half should be.

Lucas Ferreira: Easier comps.

Lucas Ferreira: And the second question on on Brazil.

Speaker Change: But we did not factor in these these level of competitive intensity. So we're adjusting for that then I think it's prudent for us with the level of uncertainty that's out there in general in the world I'm not being specific about Mexico.

Lucas Ferreira: You guys mentioned that you see still opportunities to improve margins. So if you can give more details on this which is just like.

Ian Garcia: So the lines that are coming online in Brazil are where we need them to be, are in the most profitable segments, which are CSVs. So all of that is going to be adding and we expect that creative and helpful in margins in Brazil. We are not seeing a slowdown in our territories in the consumer, but it's also a thing to say that weather has been good in Brazil. So I don't know, maybe in other regions we're seeing softer volumes in Brazil, still growth, but softer volumes. But in our region, we're not seeing that. I can't account for the fact that how much of that is due to weather or whether our consumers are still very resilient.

Lucas Ferreira: Fixed cost dilution.

Lucas Ferreira: Increasing volumes or if there is any other initiatives or mix changes.

Speaker Change: Certainly spilled over to Mexico.

Speaker Change: Especially given where the geopolitical tensions that right now that we think there will be these type of uncertainty and increased competitive intensity at least for the full of the first of the first half. So that's what we're preparing for we are not foreseeing.

Lucas Ferreira: And if you see.

Lucas Ferreira: In Brazil, any any deceleration of the consumer that given the sort of.

Lucas Ferreira: Here, the inflation inflationary environment for inflation going up so if you think there could be also some maybe.

Lucas Ferreira: Deceleration in the consumption.

Speaker Change: Our recipe in competitive intensity for the all of the first half and that was not the <unk>, let's say plants.

Lucas Ferreira: The region. Thank you.

Lucas Ferreira: Hi, Lucas I'll give a broad context, and then quarterly you can enter into the specifics on the views for the year. So.

Speaker Change: In terms, but like I mentioned, our share is trending.

Ian Garcia: And in the case for us in Brazil, I'm not saying that this is an easier year because I don't want my operators to slack off there, but they have a very good comp starting May, just accounting for what happened, you know, losing one plant, which was 10% of our volume, having to buy cases from other bottlers, having to ship those cases over very large distances. So it's just an easier comparison for us in Brazil starting May as well.

Speaker Change: Is recovered in a monitor them is trending in the right direction in that traditional paying as much trickier to have tactical calendar receipt plans flow through there. So it takes more time.

Lucas Ferreira: Right.

Enrique: I mentioned to Enrique.

Enrique: The share impact that we saw in February with the adjustments that we did we have fully recovered that in the modern trade and we are on our way.

Speaker Change: In terms of Brazil.

Speaker Change: The margin expansion and improvement are.

Like like you anticipated a lot from you know operating leverage fixed cost absorption, but theres also.

Enrique: And please keep trending as they are to recover that in that the addition of <unk>.

Luca: That being said Luca.

Luca: It has come about like a fit under a an environment of increased competitive intensity.

Speaker Change: Benefits flowing through from where we're installing our capacity so the lines that are coming online in Brazil.

Gerardo Celaya: OK, do you want to get into it? Yeah, I think, Lucas, I think the answer from Ian is quite comprehensive. I think he mentioned the view of definitely a softer start of the year, particularly in Mexico, to the expectations. And we do see that the tactical calendar and the initiatives that we are implementing are starting to drive some results. And especially when we move towards the second half, we should go back to our positive momentum. On the other hand, offsetting part of the slower start that we saw in Mexico and Central America, we saw very positive performance from South America, no?

Luca: That has not changed so what I mean is you see a lot of offers and promotions out there in the marketplace and that was something that we did not factored in to the year. So we had factored in a tougher first half comp.

Speaker Change: We need them to be or in the most profitable segment, which I see as these.

Speaker Change: So all of that is going to be adding on and we expect that creative.

Speaker Change: Fully margins in Brazil, we are not seeing a slowdown in our territory in the consumer but it's also important to say that weather has been good in Brazil. So I don't know maybe in other regions.

Luca: We did not factor in these these level of competitive intensity. So we're adjusting for that then.

Luca: I think it's prudent for us with the level of uncertainty that's out there in general in the world I'm not being specific about Mexico, but it's there.

Speaker Change: We're seeing softer volumes in <unk> growth, but softer volume.

Luca: Are there any spill forward to Mexico.

Speaker Change: Our region, we're not seeing that I can't account for the fact that.

Luca: Especially given where the geopolitical tensions are right now that we think there will be these type of uncertainty and increased competitive intensity at least for the full of the efforts of the <unk>.

Speaker Change: How much of that is due to weather or weather or are consumers do very season and in the case for us in Brazil, I'm not saying that this is an easier year, because I don't want my operators to slack off there, but they have a very good comp starting may.

Gerardo Celaya: So, that I would say gave us a cautiously optimistic view about the budget. I wouldn't say we're, you know, materially adjusting anything. What I would say is that we, what we did adjust is finding those initiatives, efficiencies where they are, and in case, you know, things continue uncertain, we can rapidly activate those efficiency initiatives. Perfect.

Luca: First half so that's what we're preparing for we are not foreseeing.

Luca: A respite in competitive intensity for the all of the first half and that was not in the <unk>, let's say plant in.

Speaker Change: Just accounting for Whatsapp, and losing one plant, which was 10% of our volume having to buy cases form other bottlers, having to ship those cases or.

Luca: In terms, but like I mentioned, our share is trending.

Luca: As we covered in the monetary them is trending in the right direction in the traditional game is much trickier to have a tactical calendar receipt plans flow through there. So it takes more time.

Speaker Change: Three large distances so just.

Gerardo Celaya: That's great, guys. Thank you very much. Thank you.

Speaker Change: See a comparison for us in Brazil, starting may <unk>.

Speaker Change: Okay.

Speaker Change: Do you want to get NPI.

Luca: In terms of Brazil.

Speaker Change: I think.

Speaker Change: Lucas I think.

Luca: The margin expansion and improvement.

Renato: Hi, thank you so much for taking my question. Thanks for the opportunity. So my question is regarding the Mexican consumption environment. Was that possible to understand if some of the weaknesses in terms of volume in Mexico is related to the Coca-Cola brand sentiment against the United States because of the current scenario environment on tariffs? So I'd like to have your view on that. And the second question is still related to Mexico. Regarding the calendar shift for the Easter holidays, for us it's more unclear to understand the impact on the retailers. But I would like to hear if that is also meaningful for you in terms of impact in volumes.

Speaker Change: So for me and this is quite comprehensive and all I think you mentioned the view of definitely.

Luca: Our coming like like you anticipated a lot from the operating leverage fixed cost absorption, but theres also.

Speaker Change: A softer start of the year, particularly in Mexico or to the expectations and we do see.

Luca: Benefits flowing through from where we're installing our capacity. So the lines that are coming online in Brazil are where we need them to be or in the most profitable segments of which I see as these.

Speaker Change: The tactical calendar and the initiatives that we're implementing are starting to drive some results.

Speaker Change: Especially when we move towards the second half we should go back to.

Speaker Change: Our positive momentum.

Luca: So all of that is going to be adding and we expect accretive carefully margins in Brazil, we are not seeing a slowdown in our territory in the consumer but it's also important to say that weather has been good in Brazil. So I don't know maybe in other regions.

Speaker Change: On the other catalog.

Speaker Change: Offsetting part of the slower start that we saw in Mexico and Central America, We saw a very positive performance from South America.

Speaker Change: So that I would say gave us a cautiously optimistic view about the budget I Wouldnt say were materially adjusting anything.

Luca: We're seeing softer volumes in Brazil still growth, but softer volume, but in our region, we're not seeing that I can't account for the fact that how.

Speaker Change: What I would say is that we what we did adjust is finding those initiatives efficiencies where they are.

Speaker Change: In case things continue on certain we can rapidly activate those.

Luca: How much of that is due to weather or weather or are consumers do very resilient and in the case for us in Brazil, I am not saying that this is an easier year, because I don't want my operators to slack off there, but they have a very good comp starting may.

Speaker Change: <unk> fee initiatives.

Renato: Thank you so much.

Speaker Change: Perfect. That's great guys. Thank you very much.

Speaker Change: Thank you Sir.

Speaker Change: We will now move to it and not cover of Citibank. Please go ahead. Your line is open.

Ian Garcia: Hi, Renato, how are you? Yeah, I would say that what we saw in Mexico during the first quarter, you know, we believe it's, it's a result of several factors, no. We saw that competitiveness that that Ian referred to, you know, when you tour the market in Mexico, you see a lot of Competitiveness, a lot of promotional activity from many, many brands. On top of that, you know, geopolitical tensions, softer consumer sentiment, the tougher weather that we also saw. I think that those were, you know, that mix of factors. The calendar effects that you mentioned, and I will connect that to the second part of your question, also play a role, but I wouldn't say that for us are as relevant as for retail, for example.

Luca: Just accounting for Whatsapp, and losing one plant, which was 10% of our volume having to buy cases from other bottlers, having to ship those cases a very.

Speaker Change: Hi.

Thank you so much for taking my question and sorry, if I gave you. So my question is regarding named image.

Luca: Three large distances. So it's just.

Luca: We see a comparison for us in Brazil, starting may <unk>.

Speaker Change: And the environment.

Speaker Change: Sure.

Speaker Change: That's possible too to understand it's Shlomo.

Luca: Okay.

Luca: Do you want to get into.

Luca: I think.

Speaker Change: You mentioned.

Luca: Lucas I think.

Speaker Change: In terms of volume in Mexico.

Luca: For me and this is quite comprehensive and all I think he mentioned the bureau of definitely.

Speaker Change: Is related to the Coca Cola brand sentiment.

Luca: A softer start of the year, particularly in Mexico to the expectations and we do see.

Speaker Change: Yes I.

Speaker Change: I think change because of the currency.

Speaker Change: And any viral maintained tanneries.

The tactical calendar and the initiatives that we're implementing are starting to drive some results, especially.

Speaker Change: So I don't like to June to have you on.

Speaker Change: Beyond that and the second question is still related to Mexico.

Ian Garcia: But what we do see, for example, in years like this, when the shift of Easter happens, like in mid-April, because sometimes Easter moves to the second quarter, but is at the beginning of the month of April. So you still see all of the orders and the loading of inventories during the first quarter, which is not something that we saw in years like this, no? But I wouldn't say, as I mentioned, that is a very relevant factor. For us, it's less than, I would say, less than 1% of our volume shift. So it's not that material, because usually what happens is that people move from big cities, but you catch that volume from people moving to resort cities and all.

Luca: Especially when we move towards the second half we should go back to to a positive.

Speaker Change: Regarding the canon that Ashish.

Luca: Positive momentum.

Speaker Change: Sorry.

Luca: On the other catalog group offsetting part of the slower start that we saw in Mexico and Central America. We saw a very positive performance from South America. So that I would say gave us a cautiously optimistic view about the budget I Wouldnt say, we are materially adjusting anything.

Speaker Change: Randy.

Each more on PFS understanding thank you own mainly English.

Speaker Change: I would like to hear.

Speaker Change: That's also meaningful.

Speaker Change: In terms of.

Speaker Change: Is that he volumes so much.

Luca: What I would say is that we what we did adjust is finding those initiatives efficiencies where they are.

Speaker Change: Yes.

Speaker Change: Hi, Renato how are you.

Speaker Change: Yes, I would say that what we saw in Mexico during the first quarter.

Luca: And in case things continue on certain we can rapidly activate those.

Speaker Change: We believe it's a result of several factors.

Speaker Change: We saw that competitiveness that Ian referred to know when you do the marketing Mexico, you'll see a lot of <unk>.

Luca: As you can see initiatives.

Ian Garcia: But as I mentioned, I think what happened in Mexico was more of a combination of factors. And, you know, it's something that we have been seeing since the second half of 2024, that slower consumption environment, a little bit of a deceleration that continued into the first quarter, and if anything, uncertainty increased. Thank you so much.

Luca: Perfect. That's great guys. Thank you very much.

Luca: Thank you.

Speaker Change: Thank you Sir.

Speaker Change: <unk> given us a lot of promotional activity from many many brands on top of that the geopolitical tension softer consumer sentiment.

Luca: We'll now move to cover.

Luca: <unk>.

Luca: Citibank. Please go ahead your line is open.

Luca: Yes.

Luca: Hi.

Speaker Change: The tougher weather that we also so I think those were the mix of factors. The calendar effects that you mentioned and I will connect that to for the second part of your question also play a role, but I wouldn't say that for us are as relevant as for retail for example, but what we do see for example in years.

Speaker Change: Thank you so much for taking my question. So forgive him for kidney. So my question is regarding named in mix.

Operator: Thank you, and what's your question, then?

Luca: And the environment.

Antonio Hernandez: Next question will be coming from Mr. Antonio Hernandez of Actinvair. Please go ahead. Your line is open, sir.

Luca: Once that's possible too to understand each tomo.

In terms of volume in Mexico is related to the Coca Cola brand sentiment.

Ian Garcia: Good morning. Thanks for taking my question. Just a quick one regarding your performance in Mexico on a regional basis. Are you seeing perhaps more pressure on the South because of the top comps, because of the competitive environment, macro conditions? What are you seeing from a regional perspective in Mexico? Thanks.

Speaker Change: Like this when the shift of Easter happens like in mid April because sometimes Easter moves to the second quarter, but they are at the beginning of the month of April so you'll still see all of the.

Luca: Yes, Dan I think changed.

Luca: Excellent.

Luca: <unk> remains on plan.

Luca: So I would like to have.

Speaker Change: All of those on the loading of inventories during the first quarter, which is not something that we saw in years like this.

Luca: Beyond that and the second question is related to Mexico.

Speaker Change: But I wouldn't say it as I mentioned that is a very relevant factor noise as far as this level I would say less than 1% of our volumes shift.

Luca: Regarding the calendar shift.

Ian Garcia: Hi. Yes, I think that you're right. The performance is not the same across regions. Specifically in the southeast, with some of the projects, the infrastructure projects, you know, nearing completion, that in itself has a lower amount of cash and consumer circulating that. So you're right that the impact or the softer environment is not even across all of our territories. But in general, there is this softer environment and increased competitive intensity. So it's a bit tougher in the southeast. I think that's a precise appreciation. Yes.

Luca: Our niche.

Luca: Thanks.

Luca: Fidelity each more on PFS.

Speaker Change: So it's not that material because usually what happens as long as people move from bigger Cps, but you catch that volumes from people moving to restart CPM.

Luca: Thank you on daily English.

Speaker Change: But I would like to hear that.

Luca: It's also meaningful for you each of you.

Speaker Change: But as I mentioned I think what happened in Mexico was more of a combination of factors.

Luca: At G E volumes so much.

Speaker Change: That we have been seeing since the second half of 2024 and all of that slower.

Renato: Hi, Renato how are you.

Renato: Yes, I would say that what we saw in Mexico during the first quarter.

Speaker Change: Consumption environment, a little bit of a deceleration that continued into the first quarter.

Renato: We believe it's a result of several factors.

Speaker Change: If anything uncertainty increased.

We saw the competitiveness that Ian referred to know when you do the marketing Mexico, you'll see a lot of.

Speaker Change: Yes.

Speaker Change: Thank you. Thank you so much.

Speaker Change: Yeah.

Speaker Change: Thank you and what's your question.

Renato: Competitiveness as a lot of promotional activity from many many brands on top of that the geopolitical tension softer consumer sentiment.

Next question will be coming from Mr. Outdoor Neil Hernandez of <unk>. Please go ahead. Your line is open Sir.

Gerardo Celaya: Okay, and the same comments that you provided regarding Mexico on a month-on-a-month, month-to-month basis, does that apply also on a regional perspective or maybe trending a little bit better in some regions or states? Yeah, Antonio, I would say on monthly performance, it's mixed. For example, just to give you a sense, in Mexico and Central America, definitely March was tougher as Ian referred to. Guatemala as well. But then if you move to South America, Argentina is trending even better in March than at the beginning of the quarter. But what I will highlight perhaps is that the two markets where we saw a tougher quarter, Mexico, Colombia, we did see a March that towards the end of the quarter was tougher.

Neil Hernandez: Hey, good morning, Thanks for taking my question just a quick one regarding your performance in Mexico on a regional basis.

Renato: The tougher weather that we also so I think those where that mix of factors. The calendar effects that you mentioned and I will connect that to to the second part of your question also play a role, but I wouldn't say that for us are as relevant as for retail for example, but we do see for example in gears like.

Neil Hernandez: Are you seeing perhaps more rational in the south because of tough comps.

Neil Hernandez: Because of the competitive environment macro conditions, while their usage.

Neil Hernandez: Original perspective, the mix thanks.

Renato: This when the shift of Easter happens like in mid April because sometimes Easter moves to the second quarter, but as of the beginning of the month of April So you still see all of the.

Speaker Change: Hi, yes.

I think youre right. The performance is not the same across regions.

Speaker Change: Specifically in the southeast with some of the projects the infrastructure projects.

Renato: Orders in the loading of inventories during the first quarter, which is not something that we saw in years like this.

Speaker Change: Nearing completion that in itself.

Speaker Change: Lower.

Speaker Change: Amount of cash.

Renato: But I wouldn't say as I mentioned that is a very relevant factor for us is less than I would say less than 1% of our volumes shift. So it's not that material because usually what happens is that people move from bigger Cps, but you catch that volumes when people moving to resorts CPM unknown, but as I mentioned I think.

Speaker Change: And consumers are giving us so you are right that the.

Speaker Change: <unk>.

Speaker Change: The impact or the software environment is not even across all of our territories, but in general there is this softer environment and increased competitive intensity. So.

Gerardo Celaya: But what is encouraging as well in certain markets, Mexico, Colombia, Guatemala, is that after April, May, we're going to start seeing some easier comps. For example, in Colombia and Guatemala. So what I mean by this is that I don't want to give necessarily the perspective that if March is worse than February, that things are going to be moving in a straight line. That's not what we expect. It's not going to move in a straight line. And we have to be mindful of that.

Speaker Change: It's a bit tougher in the southeast.

Renato: It happened in Mexico was more of a combination of factors.

Speaker Change: Because that's the precise appreciation.

Renato: Something that we have been seeing since the second half of 2024 know that slower.

Okay.

Speaker Change: Okay on the same comments that you provided regarding Mexico.

Renato: Consumption environment, a little bit of a deceleration that continued into the first quarter and if anything uncertainty increased.

Speaker Change: From amongst Western basin does that apply also from a regional perspective, or maybe it's trailing a little bit later.

Renato: Okay.

Renato: Thank you and confirm that.

Speaker Change: Some regions or states.

Renato: Yes.

Renato: Thank you and what's your question.

Speaker Change: Yes.

Speaker Change: Next question will be coming from Mr. Antonio Hernandez of <unk>. Please go ahead. Your line is open Sir.

Speaker Change: I would say on a monthly performance it's mix.

Operator: Okay, thanks for the call. All right, thank you.

Speaker Change: For example.

Just to give you a sense in Mexico, and Central America definitely March was tougher as Ian referred to.

Renato: Yes.

Alvaro Garcia: We will now go to Alvaro Garcia of BTG. Please go ahead. Hi, good morning. I have two questions. One for Ian. I was wondering if there's an update on how FEMSA's been playing a role alongside Juntos in Mexico.

Antonio Hernandez: Hey, good morning, Thanks for taking my question just a quick one regarding your performance in Mexico on a regional basis are you seeing perhaps more pressure on the south because of tough comps.

Speaker Change: What the model as well, but then if you move to South America.

Speaker Change: Argentina.

Because of the competitive environment macro conditions, while their usage.

Speaker Change: Is trending even even better in march than at the beginning of the quarter.

Antonio Hernandez: Familiar with the regional perspective the mix. Thanks.

Speaker Change: But what I will highlight perhaps is that the two markets, where we saw tougher.

Antonio Hernandez: Yes.

Gerardo Celaya: And my second question is for Jerry on the outlook for COGS. You noted the lower sweetener price. In the release, I was wondering if that's the case for the rest of the year and maybe if you could provide sort of just an update on the outlook for PET and sweeteners across your key markets. Thank you.

Antonio Hernandez: Hi, yes.

Speaker Change: I think that Youre right. The performance is not the same.

Speaker Change: Core quarter, Mexico, Colombia, we did see a mark.

Antonio Hernandez: Regions.

Speaker Change: March that towards the end of the quarter was tougher, but what is encouraging as well in certain markets, Mexico, Colombia, Guatemala is that after April may.

Typically in the southeast with some of the projects the infrastructure projects.

Antonio Hernandez: Nearing completion that in itself SaaS are lower.

Speaker Change: Going to start seeing some.

Antonio Hernandez: <unk> of cash.

Antonio Hernandez: And consumers are getting that so you are right that the the impact.

Speaker Change: Easier easier comps now for example in Colombia on what the melanoma. So what I mean by this is I don't want to give necessarily the perspective.

Ian Garcia: Regarding SPIN, I would say that there have been a lot of good learnings collected from the Puebla pilot. I think that the SPIN team is processing those learnings together with our team. They're adjusting some of the things that they think could make it even more attractive or of interest, of easier entry to capture new customers. They're going to be testing that as well together with us. At some point, probably this same year, there should be decisions there of how they want to scale it or not and in which format. I don't have those final decisions yet.

Antonio Hernandez: The softer environment is not even across all of our territories, but in general the reason these softer environment and increased competitive intensity. So it's it's a bit tougher in the southeast I think thats a precise appreciation yes.

Speaker Change: These marches, where then February that things are going to be moving in a straight line. That's not what we expect it's not going to move to in a straight line.

And we have to be mindful of that.

Speaker Change: Yes.

Antonio Hernandez: Yeah.

Speaker Change: Okay. Thanks for the color.

Antonio Hernandez: Okay.

Antonio Hernandez: Okay on the same comments that you provided regarding Mexico.

Speaker Change: Okay.

Speaker Change: Thank you Stefan.

Speaker Change: We will now go to al Battle Nexia of BTG. Please go ahead.

Antonio Hernandez: Molton amongst western basin does that apply also on a regional perspective, or maybe trailing a little bit later.

Speaker Change: Hi, good morning, good morning.

Antonio Hernandez: Some regions or states.

Speaker Change: During the quarter.

Antonio Hernandez: Yes.

Ian Garcia: I think there's a lot of good collaboration and learnings going on. Probably during this year, they should reach the learnings of whether this will be scaled and in which format.

Speaker Change: Two questions one for Ian and I was wondering if there is an update.

Antonio Hernandez: I'd say on monthly performance it's mix.

Speaker Change: On how FEMSA spin might play out.

Antonio Hernandez: For example.

Antonio Hernandez: Yeah.

Speaker Change: A role alongside those in Mexico, and my second question for Gerry on the outlook for Cogs.

Speaker Change: Just to give you a sense in Mexico, and Central America definitely March was tougher as Ian referred to.

Gerardo Celaya: Alvaro, regarding cost of goods sold, as you pointed out in the preferred remarks, we made reference to it. Sweeteners are providing a better or significant relief to our cost of goods sold throughout our operations. And we do expect that we will see a continued benign sweetener environment for the remainder of the year. For the case of PET, basically, sort of the same story. We're seeing both energy prices coming down as well as the refined products like the one that we use, mostly PET. So we do see PET prices coming down. And we're also taking advantage to increase hedge positions further out, even beyond 2025, to take advantage of lower PET prices that we're seeing.

Speaker Change: You had noted the lower sweetener prices.

Speaker Change: What the myeloid as well, but then if you move to South America.

Speaker Change: In the release I was wondering if that's the case for the rest of the year and maybe if you could provide sort of just an update on the outlook for PDT in sweeteners across your chemo. Thank you.

Speaker Change: Argentina is.

Speaker Change: Is trending even even better in march than at the beginning of the quarter.

Speaker Change: But what I will highlight perhaps is that the two markets, where we saw tougher.

Speaker Change: Hi.

Speaker Change: Regarding its been I would say that there have been a lot of good learnings collected from the polar pilot I think the spin theme is processing.

Speaker Change: A core quarter, Mexico, Colombia, we did see a march that towards the end of the quarter was tougher, but what is encouraging as well in certain markets, Mexico, Colombia, Guatemala is that after April may we're going to start seeing some.

Speaker Change: Those learnings to work with our team they are adjusting some of the things that.

Speaker Change: They think would make it even more attractive or of interest of easier entry.

Speaker Change: Easier easier comps now for example in Colombia on what the melanoma.

Speaker Change: So what I mean by this is that I don't want to give necessarily the perspective that is.

Speaker Change: To capture new new customers and theyre going to be testing that as well too together with us and at some point probably this same year there should be decisions thereof.

Speaker Change: These marches worse than February that things are going to be moving in a straight line. That's not what we expect it's not going to move in a straight line.

Speaker Change: Now how they want to scale, it or not I mean, which format. So I don't have those final decisions yet, but I think there is a lot of good collaboration on learnings going on broadly doing this year. They should reach the learnings of whether this will be scale, I mean, which format.

Gerardo Celaya: The only raw material that we are seeing with a little bit of pressure is Aluminium. But as you know, it represents a small portion of our in all of our operations. So it's something that really does not concern us in a significant way. Great, thank you.

Speaker Change: And we have to be mindful of that.

Speaker Change: Yeah.

Speaker Change: Okay. Thanks for the color.

Speaker Change: Good.

Speaker Change: Thank you Stephanie.

We will now go to Al Battle next year of BTG. Please go ahead.

Speaker Change: Overall regarding.

Speaker Change: Cost of goods sold.

Speaker Change: As you pointed out in our in the prepared remarks, we made reference to it sweeteners are providing.

Al Battle: Hi, good morning, good morning.

Speaker Change: Okay.

Speaker Change: Two questions one for Ian and I was wondering if there was an update.

Operator: Thank you very much, Mr. Garcia. Ladies and gentlemen, once again, if you have any questions or follow-up questions, please press star 1 at this time.

Speaker Change: Better are significant relief to our cost of goods sold throughout our operations and we do expect that we will see a continued benign sweetener environment for the remainder of the year.

Speaker Change: On how FEMSA spin.

Alongside <unk> in Mexico, and my second question for Gerry on the outlook for Cogs.

Ulises Argote: will now go to Ulises Argote of Santander. Please go ahead, sir. Hi guys, thanks for the space for questions.

Speaker Change: You had noted the lower sweetener price.

Speaker Change: For the case of BP.

Gerardo Celaya: Just one quick one here from my side to see if you can help us quantify the impact there on the insurance payments in Mexico, just to get a bit of a sense of comparability in the numbers. Thank you. Yes, Ulises, for this quarter, we had a net effect in Mexico of $65 million pesos in favor. This is net from expenses that we saw in the quarter for $75 million pesos, and insurance recovery for $140 million pesos. So the net effect that we recorded in the P&L was a benefit of $65 million pesos in the quarter.

Speaker Change: Basically sort of the same story, we are seeing.

Speaker Change: Both.

Speaker Change: Energy prices coming down as well as the refined products like the one that we use mostly PDP. So we do see BD prices.

Speaker Change: Hi.

Speaker Change: Regarding its been I would say that there have been a lot of good learnings collected from the boiler pilot I think the spin theme is processing.

Speaker Change: Coming down and where.

Speaker Change: Also taking advantage to increase our hedge positions further out.

Speaker Change: Even beyond 2025.

Those learnings to grow with our theme they are adjusting some of the things that.

Speaker Change: To take advantage of lower the prices that we're seeing.

Speaker Change: They think would make it even more attractive or of interest of easier entry.

Speaker Change: The only I think.

Speaker Change: Raw material that we are seeing with a little bit of pressure is aluminum.

Speaker Change: But as you know it represents it represents a small portion of our mix in all of our operations.

Speaker Change: To capture new new customers and theyre going to be testing that as well too together with us and at some point probably the same view there should be the season's thereof.

Gerardo Celaya: Very good. Thank you very much. Thank you, lecture.

Speaker Change: Something that really does not concern us.

Jorge Curioso: As we have no further questions at this time, I'm going to turn the call back over to Mr. Correazo for any additional or closure remarks. Thank you.

Speaker Change: Now they want to scale, it or not I mean, which format. So I don't have those final decisions yet. They think there is a lot of good collaboration on learnings going on broadly doing this year. They should reach the learnings of whether this will be scaled I mean, which formats.

Speaker Change: Significant way.

Speaker Change: Yeah.

Speaker Change: Alright, thank you.

Jorge Curioso: Thank you very much, everyone, for your interest in our company and for joining us on today's call. We look forward to seeing you again soon. And in the meantime, in case you have any remaining questions, myself and the rest of the IR team, we are available for any remaining questions. Thank you very much. Thank you.

Speaker Change: Thank you guys for so guys here.

Speaker Change: Ladies and gentlemen, what's cannot give any questions or follow up questions. Please press star one at this time.

Speaker Change: We'll now go to <unk>.

Speaker Change: I would <unk> of Santander. Please go ahead Sir.

Speaker Change: Colorado regarding.

Speaker Change: Cost of goods sold.

Speaker Change: Hey, guys. Thanks for the space for questions. Just one quick one here from us from from my side. Just if you can help us quantify Lee, but they are on the insurance payments in Mexico, just to get a bit of a sense of comparable medium the numbers. Thank you.

Speaker Change: As you pointed out in the prepared remarks, we made reference to it sweeteners are providing.

Operator: Ladies and gentlemen, that will conclude today's presentation. Thank you for your silence. You may now disconnect.

Operator: Have a good day and goodbye.

Speaker Change: Okay.

Speaker Change: Yes, so leases.

Speaker Change: For this quarter, we had a net effect in Mexico.

Speaker Change: For the case of <unk>.

Speaker Change: 65 million pesos in favor of this is net from expenses that we saw in the quarter for $75 million vessels and insurance recovery for 140 million peso. So that the net effect that we recorded in the P&L was a benefit of 65 million pesos in the quarter.

Speaker Change: Basically sort of the same story.

Speaker Change: We're seeing.

Speaker Change: Both.

Speaker Change: Energy prices coming down as well as the refined products like the one that we use mostly PD. So we do see prices coming down and where.

Speaker Change: Also taking advantage to increase our hedge positions further out.

Speaker Change: Okay. Thank you very much.

Speaker Change: Thanks, so much sir.

Speaker Change: Even beyond 2025.

Speaker Change: As we have no further questions at this time and have to call back over to Mr. Cody ASO for any additional or closing remarks. Thank you.

Speaker Change: To take advantage of lower the prices that we're seeing.

Speaker Change: The only I think.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Raw material that we are seeing with a little bit of pressure is aluminum.

Speaker Change: Thank you very much everyone for your interest in our company and for joining us on today's call.

Speaker Change: But as you know it represents represents a small portion of our mix in all of our operations.

Speaker Change: We look forward to seeing you again soon and in the meantime in case you have any remaining questions myself on the rest of the IR team. We are available for any remaining questions. Thank you very much.

Speaker Change: Something that really does not concern us.

Speaker Change: Significantly.

Speaker Change: Thank you.

Speaker Change: Thank you, ladies and gentlemen that will conclude today's presentation.

Speaker Change: Alright, thank you.

Speaker Change: Thank you Ed Fritsch, who goes here.

Speaker Change: A bit of disconnect have a good day and goodbye.

Speaker Change: Ladies and gentlemen, once again, if you have any questions or follow up questions. Please press star one at this time.

Speaker Change: We'll now go to <unk>.

Speaker Change: I'll start on there. Please go ahead sir.

Speaker Change: Hey, guys. Thanks for the space for questions. Just one quick one here from last from my side to see if you can help us quantify Lee, but they won't be insurance payments in Mexico, just to get a bit of a sense of comparable media on the numbers. Thank you.

Speaker Change: Okay.

Speaker Change: Yes releases.

Speaker Change: For this quarter, we had a net effect in Mexico of.

Speaker Change: 65 million pesos in favor of this is net from expenses that we saw in.

Speaker Change: In the quarter for $75 million vessels and insurance recovery for 140 million peso. So the net effect that we recorded in the P&L was a benefit of 65 million pesos in the quarter.

Speaker Change: Yeah.

Speaker Change: Okay. Thank you very much.

Speaker Change: Thank you so much sir.

As we have no further questions at this time and that's a call back over to Mr. <unk> for any additional or closing remarks. Thank you.

Speaker Change: Okay.

Speaker Change: Thank you very much everyone for your interest in our company and for joining us on today's call.

We look forward to seeing you again soon and in the meantime in case, you have any remaining questions myself and the rest of the IR team. We are available for any remaining questions. Thank you very much.

Speaker Change: Thank you.

Speaker Change: Thank you, ladies and gentlemen that will conclude today's presentation with equity. So that's sort of a disconnect have a good day and goodbye.

Speaker Change: Yeah.

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